Hope this idea will inspire some of you !
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ERUSUD is approaching its support at 1.1295(horizontal swing low support, 61.8% Fibonacci extension, 50% Fibonacci retracement) where it could potentially bounce to its resistance at 1.1380 (50% Fibonacci retracement).
Stochastic (55, 5, 3) is approaching its support where a corresponding bounce could occur.
Trading CFDs on margin carries high risk.
Disclaimer: I will reserve my right to draw a STEEPER channel to the upside IF the price does demand it later on but I prefer to err on the side of caution with a much less steep angle of the slope. The move started from a very important support so it can be A LOT more powerful and will demand bigger angle to the upside. We will see.
Okay , so DXY confirmed that...
Next week will give traders a better idea of just how bad and just how quickly we'll get to a no deal Brexit which is looking increasingly likely as days progress. Cleraly, euro long is an overcrowded trade with moving averages showing a downward trend. Political risk from Brexit will obviously weigh next week as well.
More words on why Brexit will hit markets...
To sum up recent activities, EUR/USD rallied to 1.144 7 days in a row last week after having bottomed at 1.117 (61.8 fibo level of 2017-2018 uptrend) and stopped the rally around the 50% fibo of the same uptrend. Dovish fed underpinned the euro further more during the rally. However, the next day after the fed it erased most of the gains and...
just a quick trading idea - more later as I am between doors at the moment. I am going long EURUSD as I believe the correctional a-b-c within the ii is complete. Furthermore the price just hit a perfect Fibonacci Retracement level which makes it even more attractive to me.
As I said, I will be publishing a more detailed update on this trade later...