I was expecting this rally, but didn't anticipate it would start so suddenly. I have entered short positions at 1.11986 with a wide stop, and I expect the quarterly downtrend to resume in the short term.
My analysis of this pair gives important clues to further validate this view:
- The daily implies a failure if we don't hit 1.13303 in one day.
- The monthly implies a failure if we don't hit 1.13599 during March.
- The weekly uptrend target from the low to the mode has been hit. It's unlikely to see continuation.
For this and other technical reasons derived from my analysis of time at mode and the time duration of the correction in the RgMov wave count I conclude that this is due for a massive decline.
Good luck if taking this trade.
Contact me for more details on the trade setup and if interested in trading signals and/or coaching.
All the best,
I expect a rally to 1.1355 or higher soon. Probably starting after London opens today.
I'll look to flip short once this rally is complete.
Pay attention tomorrow.
I'm in USDCHF already, but this looks interesting.
If we expand range down, it would be a compelling signal to short.