Technician
Short

EURUSD(Update): Hits First Target, Thanks Yellen

FX:EURUSD   Euro / U.S. Dollar
975 3 11
Update: Reached more than 90 percent of first target, accordingly, I moved stop to break-even.
Update: Decided to close first half at 1.3763, second half running for full target, stop remains at break-even

Update: Fundamental developments played in favor of the technical setup(is it the fundamentals? or the market wanted to? or anyway the euro             wanted to sell-off?),
Fundamental development: A less dovish, more hawkish FED helped the U.S. dollar gain grounds against its major counterparts especially the euro             (this is the fundamental explanation, although many think the FED was more dovish). Markets were caught in a surprise as the FED signaled a bit earlier than anticipated potential rate hike. Did the FED just unleashed the long awaited dollar strength? well, depends on economic data, if the economy continues to improve and inflation picks up we will probably see the FED moving more quickly to start the tightening cycle. I believe its really dangerous to bet against the U.S. dollar within the coming months and over the long run..

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Earlier analysis and trade:

Speculating on a bearish wave, as European officials rhetoric has elevated recently regarding a higher exchange rate and the possibility of more easing measures(could be U.S. style QE ).
Technically, the price is testing a major long term descending resistance(started from 2008 top), meantime price draws a bearish shooting star candle on the day chart at an ascending resistance level .


Trading Criteria:
1. Trades are taken in two units
2. First unit would be closed at first target
3. Stop loss is then moved to break-even
4. Second unit would be closed at second target
5. Note that If 90 percent of first target is reached without triggering entry, trade is cancelled
6. Remember: Losing is a main part of the game ;)

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You describe the major longterm resistance line on your pic. How do you get it so precisely detailed? (or do you take the line with a heavy margin?)
Good trade anyways :)
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Thank You, I am not sure what do you mean by "How do you get it so precisely detailed?"
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Evild0er Technician
My bad, I now see it's a weekly chart on the left. It's clear now :P
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