EURUSD: Another push down expected but just how much?

We are approaching the end people, but a confident sell is on the cards for sure. You can see where I will be watching for more downside, but in the coming weeks I am expecting EUR strength against almost all pairs except the GBP.

We are in the final part of a zig zag, and the thing with zig zags that even though they look straight forward, they have a large range in the fib extension as to where they can turn. For me, any sell take in this area will be targeted to take profit simple in line with the previous low that you can see on the chart, that is playing it safest. Once we get there, I'll be watching what happens but the probability shifts very heavily towards confident buys IMO once we get down there.

Comment:

We are getting close to the target area, have set a sell limit at the 1.12170 mark, which is a large area of interaction within that zone and just on the green box you see. It might go into a small amount of draw down if this gets activated or it may not get activated at all. Won't be chasing it, let's see :)

Trade active:

Sell limit hit, moved it to 1.12100 as it just missed my higher pending orders and has now been triggred.

Trade active:

You can see the pair has continued the push up, allowing us to enter another sell. First order is in 28 pips drawdown currently. We are at a pretty nice confluence area and everything is moving well against the USD right now, BUT, many pairs need downside, so this should follow IMO.

Comment:

Trade active:

moving as predicted .

Trade closed: target reached:

First TP reached for 4% gain, second position manually closed ahead of NFP news tonight for just below 3%.

3% trade gains compounded on your account does wonderful things, profit is profit and don't be afraid to close or at least secure some money and then go risk free. Happy trading!