Quick recap on this EURUSD... Basically on the monthly and
weekly chart we are on the 3rd time on this level. It mean
that it will drop one more time before going up. When we have
weekly/monthly pattern or support ressitance hit. we are talking
about huge reversal. So basically i'm still short for now 2 weeks
on this pair and i'm not about to go long.
So I don't know if you guys remember but we had an 1-2-3-4-5
Eliott Wave pattern with an ENDING DIAGONAL that got broken
last week with the FOMC. So basically now we did enter a bearrish
market. On the current chart i drew a SUPPLY&DEMAND area to
show people why the market bounced from 1.11200.
EURUSD might retrace to 61.8% of the last bearrish impulse or
even 78.6%... but I will stick in to my SHORT position and I will
TP at 1.09500. After that, I will be chasing some bullish pattern
to get a good buy entry. Good luck and I hope it did help you out.
weekly chart we are on the 3rd time on this level. It mean
that it will drop one more time before going up. When we have
weekly/monthly pattern or support ressitance hit. we are talking
about huge reversal. So basically i'm still short for now 2 weeks
on this pair and i'm not about to go long.
So I don't know if you guys remember but we had an 1-2-3-4-5
Eliott Wave pattern with an ENDING DIAGONAL that got broken
last week with the FOMC. So basically now we did enter a bearrish
market. On the current chart i drew a SUPPLY&DEMAND area to
show people why the market bounced from 1.11200.
EURUSD might retrace to 61.8% of the last bearrish impulse or
even 78.6%... but I will stick in to my SHORT position and I will
TP at 1.09500. After that, I will be chasing some bullish pattern
to get a good buy entry. Good luck and I hope it did help you out.
Comment:
I will be honest ... I'm still short. Buying Volume is soo low... that a matter of days maximum before EURUSD crash down... and USDCHF is about to go up in my personal opinion... you can go see my analysis on USDCHF for more.