In this chart I describe the current estimated trayectory for the Euro. I expect a brieft retracement, if we were to move above the last daily high, crossing the recent FOMC minutes release Key Level, and go to test the low volume resistance levels above, and eventually test the top FOMC key levels if said resistances fail to hold.
It's possible to go long above the last daily high using a tight stop, and closing and flipping short when we approach the overhead resistance. I outlined two potential paths EURUSD might follow, and in both cases, I'm expecting monthly and quarterly downtrend continuation as we break all FOMC support levels on the way down.
Check related ideas for my previous charts covering this pair, and also check the EURCHF posted by my friend Tom Killick, might be a nice pair to add to your portfolio to profit from this expected Euro meltdown that I forecast here.
Cheers,
Ivan Labrie.
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Closing the gap, day turns up and we might get our rally to sell against.
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It's on...
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Testing FOMC support, we might see a bounce here, sell any rally!
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Daily, weekly and monthly levels in one chart. We might bounce higher here, selling rallies is ok, but you could also go long above a high before selling.
Trade active
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Currently long, the January 26-27 FOMC meeting key level held the decline.
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If we break the current resistance we might trigger a larger rally. I'll update it as we move forward, first target is 1.11281, target #2: 1.17136 (not confirmed yet)
I m currently having an opposite view but I liked what I read. I will correct myself if proven wrong immediately. Good to have alternative views & plan rescue scenarios accordingly.
OLIGARCH
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Nice, when thoughts are the same! I am already long little DD doesn't matter, but 1306 is a must before fall ( since this pair smells SHORT ) it can go higher anyway, and yey, finally the big sell will take in place with TP 1.09*** ;)
Cheers Bro.
IvanLabrie
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I aim sub parity ;)
Cheers!
OLIGARCH
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Very good analysis Ivan. Perfect!
But TP is higher! 1306 is a must before fall down, like the same situation with 0953 back in the day! It has to be reached!
Cheers! Very good idea!
IvanLabrie
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Let's see if that happens.
For now I'll long above that level on chart and take it from there.
Cheers.
arif_awan
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OLIGARCH
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Do you still keep your long? Or it can bounce back to 08 area?
IvanLabrie
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Yes, went long at 1.09137, stop 1.0864.
Holding. I only closed half today.