FX:EURUSD   Euro Fx/U.S. Dollar
2 months ago
Options expiring 9/19 so there will be some interesting development coming soon. From the monthly chart, it has been stuck in the channel for the longest time. Upper band is 1.1346 and lower band is 1.0827 and equilibrium is 1.1087. 1.15-1.16 is the area to watch where the bulls and bears fight it out. Anything below this level the bears have the upper hand. The more important question to ask should be MACD's ability to go above zero. Failure to do will be BAD! In any extreme case of rebound RSI70 will be the target; before that we have to get above 50 and 60 first. For now I do not see any reason why we cannot test RSI50.

snapshot
2 months ago
Comment:
snapshot


It managed to hold above RSI50 despite the retrace ~1.120. If everything goes well, the MACD daily gold cross should also be coupled with a trend line break as well. A daily trend would yield 400-500pips. One must bear in mind for this kind of movement a 30-50% retrace is still possible due to FIBO guys but the general trend should still be up. Just manage your trades with the hourly chart when daily is positive.
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