As mentioned on my previous EUR chart - momentum is towards the downside since we broke the uptrend at 1.1745-50. We have since sold the break however we ran into some support around the 1.1650 mark yesterday and I closed the trade at 1.1661 for some decent profit as the sell off was looking exhausted according to RSI. Today however we saw a bit of a consolidation and a small bounce back up towards the 1.1685 fibbo resistance, I feel this consolidation is what we might need to let new sellers enter the market, and drive it lower, through the 1.1650 support. I therefore entered a short at 1.1680 with a tight stop around the 1.1705 level and a target of 1.1612 (fresh low and fibbo support).
Short @ 1.1680 SL: 1.1705-10 TP: 1.1612
Comment
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Closed all at 1.1777 for a profit of +16 pips. the euro looks sticky around this level and I don't feel like being long risk heading into the weekend... especially with the US election next week.
Closed all at 1.1777 for a profit of +16 pips. the euro looks sticky around this level and I don't feel like being long risk heading into the weekend... especially with the US election next week.
WhosPipsAreTheseAnyway
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EURUSD back through the 1.1685 fibbo (now @1.1679) - if we stay below here, 1.1650 is the next target.
WhosPipsAreTheseAnyway
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Closed the 1.17 shorts at 1.1687 for a profit of +13 pips! just to take some ammo back in case we see another bounce off the 1.1685 fibbo. if that is the case then i will re sell around the 1.17 mark.
WhosPipsAreTheseAnyway
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Sold another clip at 1.17 as my view is unchanged... sell the rallys.