EURUSD
EUR/USD remains in a 500 pip channel extending from 1.2093 down to 1.1548.
T.D.I. (Traders Dynamic Index) on the higher time frames suggest we are moving lower and a re-test of the 1.1548 low is a possibility.
As the 200 day simple moving average rises to meet the price, the more price is drawn to it.
A projection of 200 sma meets the bottom of the channel at 1.1550 area and this would occur around 9th January 2018.
This is all speculative of course but there is huge significance should this forecast be correct.
This would be a highly significant support area where we could see EURUSD resume its general direction throughout 2017 but a break of this level and a move under the 200 sma on the daily time frame would see the price under this key support level for the first time since May.
The area around 1.1620 has been particularly significant for this pair since August 2015 so should this level fall to the bears then we can anticipate more EUR weakness through Q1 Q2 or 2018.
Should this scenario come true then there is a possibility of the trade of the year for 2018. This is not SHORT EUR/USD but SHORT EURGBP.
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