Wait for the break in EUR/USD to confirm going long or short on this pair.
I always consider both directions when trading but from the looks of it I am biased that this pair is bearish!
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Long term analysis.
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Now that we have a break and a nice retest it is safe to say EUR go up to tag the upper trend line resistance around 1.1315 From there we will wait to see what happens after the ECB meeting this week so we can enter a short position if price bounces of 1.13
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We may now go short since the trend line resistance has held and as the DXY bounces for a temporary pull back.
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and there is the bounce. This bounce will continue until US retail sails are released next week.
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Our position is now 128 pips in the green. We will hold until we reach our TP around 1.1060. The weekly trendline support. We may possibly close this trade manually and take our winnings before the FOMC on Wednesday.
DXY playing out a head and shoulders pattern. Looking for it to touch the 96.70 trend line resistance.
Trade closed: target reached
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We may now close the trade. Price has reached our target on the daily/weekly trend line support. That 290 green pips for us from the entry point provided.
Long term analysis.