Is this a medium term top for EURUSD? Technicals Bearish divergence seen on daily chart. Upside momentum is slowing. DXY showing same, if not stronger divergence. Sentiment Consensus has become EUR positive - in fact, extremely EUR positive. Fundamentals All banks raising long term forecasts for EUR. Even though last month's inflation reading...
The Euro is more than 5 days in a small range. It is possible to move downward according to model 3w.
1.12000 is a strong resistance zone. -Crab Pattern complete -Cypher Pattern Formation Targets: Read the graphic Enjoy...
~Corrections tend to be contained by parallel lines~
A descending "Head and shoulders" model may be formed.
Thin seams to be diagonal support breakthrough. Drawing a flag. be prepared to 0.84
Double top followed by 0.618 retracement after the break of the "v" point of the tops. This also coincide with the highest high (opening) of candle seen 2017-04-23 Makes nice structure, the V point together with the opening high, and the 0.618 fibonacci. Lets see where this bus takes us. Two targets set up.
FIRST TARGET =1.065 previous structure, resistance level, top of the channel RSI - overbought as for fundamentals/news noise: ISIS/russia will still push for Marine Le Pen = more terror acts are expected Marine Le Pen might win = big push down for EUR (0.85-0.9)
As in chart. Bearish divergence shows exhaustion of bulls and high probability of gap close. Supported by fundamentals: monetary policy divergence remains after today's ECB meeting.
Inverted head and shoulders may form. Medium to long term, USD is fundamentally bullish based on monetary policy divergence, USD shortage, increasing term premia on US 10Y Treasuries.
If presidential elections in France are won by supporters of Frexit, euro can open with a gap down, with further movement down to support level.
As posted earlier today on my telegram (t.me) I'm currently short from just above 116 with targets at 115.500 followed by 115. We see a bearish divergence together with structure and trend line coinciding. We do have a fibonacci 0.382 at 116 level aswell. While posting this I see we're breaking the "V" low of the double top which gives us yet another signal.
Price put in a double top, failing to close above 38.2 fib of X - A. In conjunction with fibonacci, and the double top, we have a strong monthly support and resistance area which could help us with this short. I see high probability in this one, I am not looking for extended target(s) this time. As we could, potentially, look at a bullish (temporary?) release...
We use the resistance level. Sale in the expectation that the level will not be broken. Buy at the breakdown level.
Price action has not yet told me to go long, and since there still are bearish signals to this I'm sticking to my initial target of 120.000. So far we have managed to bag 150 pips during the last 7 days from this bearish fall. Lets see if we can continue this pip-hunt, all the way to target! Before I start to consider a bullish approach, I need to see a break...
Continuing bearish outlook as a follow up on last weeks successful entry () Basing this on price action struggling to close above 121.350 - 0.382 fib of X-A IF we break out above, we will possibly find another opportunity to get short around 121.800 - 122.0 area. Final target - 120.000