Euro has formed what we believe to be the beginning of a right shoulder of a inverted pattern, perfectly corresponding to the key fundamental level of 1.2250. Trading these inverted is simple, and usually can be done without all of the confluences we usually trade with. Our immediate daily target will be 1.125, approx. +40 pips from current price.
We look to the dollar index and it's extreme extension today to gauge how far we think EU will rise. This will be posted in the trading-room only, for all of our VIP members with access to see.
Because of this, our second target will be 1.3 (+80 pips). This would be a retracement within a longer-term (since march 19th) back up to the key fibs we're identifying in the chart. The market for EU has been in an aggressive downtrend, so we will pay attention to our lower fib ratios-- specifically, 38.2%.
Entry: Will be given as a signal (Long/Buy)
Stop-loss: below 1.118
TP1: 1.125 (+40 pips)
TP2: 1.3 (+80 pips)