The Long-term downtrend remains intact with nearby (SELL) between 1.174 - 1.186, wait for a sell signal before entering on any time frame above 1h, ensuring that that signal matches 4h and the daily if possible, enter on a lower time frame 15m to ensure you get a nice position.
While Eurozone inflation rose by 0.1%, the overall economy was still down 0.4% on last year. We've got four positive sessions on this pair so I'm hoping we get up to the highs of the Sell zone, historically, the pair has dropped hard from there, but overall the USA is looking stronger, only the trade war and FANG stocks is slowing things down, short-term, remember the ECB has no intention of raising interest rates, their creating hundreds of billions in debt to support the zone, while the US is increasing interest rates, albeit modestly, so both are going down, just the Euro is faster.
Long term, the pair spent 2017 rotating up to the edge of the descending channel (see idea below for the 10 year view), and we've already pulled back to the 50% fib of that move, now it's time to find how high we're going, either into the sell zone, or back to the channel edge around 1.195 before coming back down to the 1.14, I don't think we'll get higher than the sell zone, we'll get a signal soon enough.
Looking for a profit target of 1.15 on this pair, be very aware of your entries this morning, in early, out early today, unless you have some excellent positions that can handle being held over the weekend, I certainly do, I've held some trades for over a month.
What are your thoughts and ideas?
US$ v Euro