The left chart is WEEKLY CHART of EURUSD .
On the chart, I see Head and Shoulder Pattern clearly.
then, I see a very strong trendline: I can say this is the main of EURUSD .
Price now stops at 23.6% Fib retracement: This is a typical level of correction, any break through this key support, could open the door for next Fib level : 38.2%
With indicator: I see stops at strong support: This is long term support, any break below this support, further loss is waiting EURUSD .
On the right chart is of EURUSD .
I see an exact Pattern: The result of pattern is to bounce back from key support.
And two Stars : BUY SIGNAL
Hence, EURUSD reaches many critical points .
The problem on the table now is:Whether ot not It will break those support ?
If EURUSD crosses through those critical supports, we unhesitatingly SELL EURUSD to next support at 1.33
Indeed, I am not sure about next move of EURUSD . Theoretically, according to TA, we should BUY EURUSD , but with very dovish bias of ECB and negative EZ economic data recent weeks, we must be careful. investors could kick EURUSD lower.
However, we should know that USdollar is very vulnarable because of unclear stance of FED, we don't know when FED hikes rate in the first time. With no specific timeframe for first rate hike, USdollar is still under pressure.
In my opinion, I choose to wait.
IF EURUSD breaks through those critical supports, I will SHORT EURUSD to 1.33
IF EURUSD bounces back, I will LONG EURUSD to 1.35833
Next week, key data decides the move of EURUSD is US CPI on Tuesday.
IF CPI is positive, I SHORT EURUSD .
IF CPI is negative, I LONG EURUSD .
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