Quick plot to watch some resistance zones for possible continuation of downtrend.
NOTE: This week is FOMC rate decision. So hopefully this move will be done before Wednesday.
. . .
Background: My EU shorting adventure began in early 2018 while looking for a top around 1.2500
As that top was forming, I saw the Fibs giving me some clues for down move to start
Once it started dropping, I fined tuned the Fibs and EW count to arrive at 1.1500 ad mid target, and 1.070 as final target
I have since been shorting bounces whenever possible:
And again some shorts collection last month:
And now my current plan to look for last few short scalps before FOMC rate decision
Comment
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wow, guess I should have labelled these as Support zones and NOT Resistance zones, LOL. But they did prove their validity, just not direction. the expectations for a FED 'dovish' hike has weakened the dollar quite a bit. And thus the EU climb rather than descent. BUT it might double top at the 5.618 where it rejected earlier. Anyway, no trades triggered, and I would looking for any until after FOMC at this point.