Every time we have a close, and/or a range expansion day emerging from these, we have a viable trade setup.
You can easily see how it can be a good idea to keep these levels in mind.
The monthly downtrend mode has been broken down today, and the day closed below the FOMC key levels, whilst the monthly range was expanded down, so after this month's close there's a possibility of resuming the monthly downtrend in the Euro , which would warrant seeing a massive decline towards parity or lower.
I'm short from 1.1156, with stops at 1.122, which sits above this double FOMC key level, AND a monthly mode, so odds of being stopped out are small.
If we're lucky we could get into a massive trade here. It's also a good idea to short EURCAD , since USDCAD is at a good level to retrace from.
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We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask.