FX:EURUSD   Euro / U.S. Dollar
2173 9 50
Entering into the panic selling stage next week
Friday we broke down the key level at 1.1000. It was the last sign for me that we are entering into the panic selling stage next week. EurUsd             is finishing its intermediate cycle next week.
The panic selling will be triggered as soon as we break 1.0910. ( This is the Brexit low - lot of cycle trader thought this is the bottom but that was too early ) We will have a steep decline to 1.07-1.06 - I can't tell how deep right now -and I will be looking for a reversal on the 4 hrs             chart. This decline will last for only a few days and will give us a perfect buying opportunity as the Euro             starts to rally against the dollar.

We will be breaking 1.15 this year in EUrUsd             .

I set this trade as a long trade though I will not enter at the beginning of next week only after the FOMC meeting
I want to prepare you for this longer term long trade. I will post a 4 hrs             chart when I enter the long trade.

The panic selling could be very powerful - especially if we get a rate hike on Wednesday- one could also trade that in a short trade at the beginning of next week. It might give 2-300 pips. I'm not going to play that because I'm not sure we can get 2-300 pips maybe only 50-100 pips.
I would like to concentrate on the long trade with a very good entry point.
Arpi, will you update your ideas before FOMC? would like to hear your input on the market options
Nice setup... even I´m a USD bull :) USD 1.05 this year )))))
There will be no Rate Hike, and it is stupid to believe that EUR supported currency by CB will dive so deep down, If this chart is right we are talking about next Eu zone Crisis. Rates will stay the same!
Other than that, listen what news and uber analysts are saying, so you can lose your money while hedge funds can take action!
+1 Reply
Thank you
Thanx for your valuable advice
but rate hike is not coming soon
I like your point of view and analysis , but with such weak foundaments of euro area is difficult to imagine such a scenario in the long term, where European banks are on the verge of bankruptcy.
Bankruptcy? Like USA in 2008 ? They can print whatever amount of money they want... I can believe that euro, if stimulus will end will be at 1.2-1.25 vs usd.
Thank you chart watchers! Same view with you! 1.0660 the final battle.
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