I'm calling short on this one. US economy is strong, the Dollar will likely continue to rise in value. Various geopolitical reasons are weakening Europe.
We've had a decent rally over the past few days, which I think will be short lived. Rejected hard off the upper Bollinger band, and hit a green 9 on the sequential indicator. The bulls must retain support above 1.153 as this is evidently a crucial level. If this is taken out, all we have is 1.30 as support which will likely fail.
*** This is not financial advice, purely educational ***
Comment
⋅
Clear brake of the red support line, invalidating the potential of a Bull Flag . Next level of support is 1.530
Comment
⋅
Waiting to see if a lower high forms on the daily, and will think about entering a short position if this happens. If the bulls manage to push past 1.173, then I will re-evaluate.
Trade active
⋅
Nasty Looking H&S pattern forming. Starting to scale in some short positions, and looking to increase once we break support around 1.153.
Trade closed manually
⋅
Took a small loss on this today, I still believe the Euro will drop eventually but I'm out for now.