Hopefully you've taken a look at my Super Trend analysis for EURUSD that remains current on the weekly scale, I followed up recently with a Drill Down to see how we've progressed. This chart is to show some current market movements that could give you reason to go long/short in the very near future for short to medium term swings.
EURUSD recently broke the key 1.09 (and rising) level I mentioned I made a note that should it confirm the break it would make quick work of the distance between that and the 1.0840-1.0800 . You can see that the market has done just that today.
So where to from here?
Look for Selling opportunities near 1.09, I'm skeptical that the market will let us reach the at 1.0935 area, but stranger things have happened.
If we crack below 1.08, you can use this level just as we used 1.09 and 1.1070 to sell off of
What is all this , Short and Selling nonsense? I want to BUY the EURUSD , when can I do that!??!?
My answer to you is we finally have a trade where the Euro Bulls might stand a chance of surviving in this Super Trend! I've outlined the projections in Blue . We have a potential Broadening Descending - Almost Always these will break the Top Resistance. Furthermore though, it is only a potential set up! It gives people who are short on euro a target to search for if we drop aggressively as well as a buying opportunity for you. Please note that the Broadening Descending pattern does require 3 touches on its support to be valid, currently we only have 2.
Please do your own analysis before entering any trades. I am not an trader but I find the concept extremely fascinating, if your EW Counts match up with anything you see here I would love to see them. Liked what you see? Follow/Comment/"Like"