TheCaffeinatedTrader

Selling Eur/Usd - Target @ 1.195

Short
OANDA:EURUSD   Euro / U.S. Dollar
- The trend line is the monthly downtrend that was broken at the end of July, 2020. Price moved nearly 750 pips from that point.
- Price reached the monthly resistance and has since corrected back from that zone.
- Moving averages have crossed signalling trend change.
- Price has created a new lower high last week and a new low earlier this week also signalling trend change.
- Price has retraced back to retest the previous lows at the 50% - 61.8% retracement zone, which also had significant reactions twice back in December.
- The retest is also testing the neckline of a sloppy head and shoulders pattern that did break out for a nice leg down.
- Target will be in the 50% - 61.8% retracement zone from the leg up off the monthly trend line break to the monthly resistance zone .

Comments

Do you think we will fall?
+1 Reply
@Yuriy_Bishko, I do still believe it will continue down.. but we do have Fed Rates today so that could definitely change things.. or add to the fall lol ..we will have to wait and see.
Reply
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