FX:EURUSD   Euro / U.S. Dollar
1456 12 20
EURUSD             printing lower lows and lower highs while moving withing the descending channel . On Friday 24.07, upper channel trendline has been rejected together with the 50% Fibonacci retracement level. This indicates on a strong bearish trend that has just been established. Overall current price pattern should result in a potentially strong drop with the final target being at the 361.8% Fibs, that is 1.03 area.
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I entered short a little too early but im def with you on this. I've been short for about a week, 1st Tp set at 1.07450, over a longer term you target 2 and 3 are very likely to be achieved as well in my opinion.
+1 Reply
HiTech PRO anwar.mashni
Yes, I personally looking at target 1, and could take partial profit there it will be holding, It could take a while but long term EUR is going down. Also shorting CHFJPY it looks like a nice sell trade and I am more aggressive on it than EURUSD
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After yesterday's small rally up, I don't see EURUSD so bullish anymore, watching USDCHF AND CHFJPY to hit the target and if Holds it would be one of the confirmations that EURUSD might in fact start a long term uptrend.

I meant to say I don't see it so bearish
also watching GBPUSD
The question if it will get there is no question at all, its already there.

It's making a gap from Friday's close. Current weekend EU Rate is 1.1055.

See it on IQoption, they get their prices from Thomson Reuters. EU has been climbing all day.
-1 Reply
I am not sure whether you are advertising or not, but its a fake rate on IQoption

I think the SELLING POSITION in your chart is kind of early. 61.8% retracement will be a better one.
HiTech PRO JamesZhang
Obviously the higher the better :) the questions is whether it will get there, for example the cycle up on USDCHF already begun
I agree the lack of momentum to the upside is worrying, i believed the dollar index would correct lower and the EUR would have a rally to the 1.14 again supported by the news on Greece, but this has not materialsed, if the dollar starts the week strong next week, i will have a rethink and again look at long dollar set ups. Good analysis HiTech
+1 Reply
HiTech PRO MarkLangley
I was under the same impression but as you said it has not materialized and I changed my view just last week.
+1 Reply
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