Not a trade that fits my strategy, just my opinion on how I see EURUSD potentially playing out in the near future.
Weekly : We are rejecting a zone I drew in 5 weeks ago, and we seem to be breaking out of it to the downside.
Daily: isn't very clear, but the way I'm reading it is we're finding resistance at the botton of the zone at 1.300
4 Hr chart giving a 3rd rejection of trendline and next lower high. Technicals showing a continued move to the downside.
Additional confluence is with my DXY bias which you can find posted earlier.
I favour price now moving to 1.11700 and then potentially median term to weekly 50 ema + zone of 1.1000 - 1.1100
Weekly : We are rejecting a zone I drew in 5 weeks ago, and we seem to be breaking out of it to the downside.
Daily: isn't very clear, but the way I'm reading it is we're finding resistance at the botton of the zone at 1.300
4 Hr chart giving a 3rd rejection of trendline and next lower high. Technicals showing a continued move to the downside.
Additional confluence is with my DXY bias which you can find posted earlier.
I favour price now moving to 1.11700 and then potentially median term to weekly 50 ema + zone of 1.1000 - 1.1100
Comment:
Comment:
At the time of posting the above EU idea, the LTF were resting the downward sloping trendline for the 3rd time. But there wasn't enough evidence for me to take a trade, nor did PA fit any of my strategies.
What we see later happened is price eventually broke back above the trendline, and pulled up to 1.13500 area. (previous lower high) rejected the area and now continues to fall. - Inverse correlation to the DXY , check out my thoughts on that a couple posts back
What we see later happened is price eventually broke back above the trendline, and pulled up to 1.13500 area. (previous lower high) rejected the area and now continues to fall. - Inverse correlation to the DXY , check out my thoughts on that a couple posts back
Comment:
* Updates posted above* 07.07.20 *@ 10:23 GMT +1