Currency wars. Everyone is printing money: Japan, Europe, USA. Every superpower is trying to weaken their own currency. Why? Because of export. Your product is cheaper if your home currency is weaker. In these situation no wonder if the EurUsd is topped in a broadening top fashion.
As the two trendlines diverge from the apex, the pattern resembles a reverse version of a symmetrical triangle. This pattern is considered quite rare, but is useful to identify swing trades.
The EurUsd's daily cycle just topped today morning. The question will we see a daily cycle low during the net 2 weeks or an intermediate cycle low during the next month.
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We are still in the broadening top. Nothing changed just USA made some good cash inflating the dollar.
@chartwatchers I love your description. Do describe always
5898928
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Mario "whatever it takes" Draghi is happy now?
chartwatchers
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@5898928, I don't think so: this is not good for the EU export. Ford can sell cars 10% cheaper this week. Even Mercedes 1000% better. (LOL) It's sad we have such a useless central bank in Europe. They are dancing as Trump whistles.
PhilIvey
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are you selling now, as it is or waiting ?
chartwatchers
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@PhilIvey, Selling . Chance is high for a key reversal
5898928
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@chartwatchers, going for another touch of TL arounf 1.17900?