Updating my previous Euro charts, we have a signal active currently, in the weekly timeframe, and the breakout here gives us extra confidence to add on dips next week. Gold also looks great, which is usually a good sign for big trends in currencies.
Best of luck,
Ivan Labrie.
Comment
⋅
Looks like EURUSD will rally until we land of quarterly resistance, which will take until April 2019 to be breached...
Comment
⋅
BTFD!!!
Trade closed manually
⋅
I didn't update this in time, but we closed longs at 1.23489.
The resistance above caused a sharp drop, this makes me think we might consolidate for a while, before resuming the weekly rally.
Comment
⋅
Trade active
⋅
Looks like we have some upside left still, target on chart.
Order cancelled
⋅
The euro is going to fail the weekly buy signal target apparently. DXY just flashed a big uptrend signal, related to the surge in USDJPY and USDEUR, as stocks find a bottom. Deleveraging stopped.
@Fostijn, looks bullish but not tradeable due to the high cost swap.
oztrader22
⋅
Yes BTFD - I am waiting for a small signal of my own but I agree!
plok
⋅
Thanks and good luck!
oztrader22
⋅
I'm getting some buy signals coming back into eurusd. Not in yet, but another close higher I'm going to start adding. You absolutely sure eurusd won't rally from here?
oztrader22
⋅
Hey Ivan, do you pay much attention to the commitment of traders report? A lot of people coming on twitter lately saying EUR is overbought. Thing is, markets can stay overbought or oversold for a while. What do you think of this?
IvanLabrie
⋅
@oztrader22, I've found it's useful for gold, not too useful for the dollar or eurusd.
oztrader22
⋅
@IvanLabrie, Fair Enough. I was looking at the commitment of traders report for eur/usd and I did find it wasn't that useful. People look at the last few years and go wow, the eurusd is at record levels long. But if you look back over 15/20 years, there were other times when it hit record shorts and there was a small pullback, traders went net long for a small amount of time, then back to record shorts and it continued lower. So my thoughts are it is useful for a pullback notification and other than that it just lets you know possibilities. But these possibilities may not eventuate for 1,2,3 years....