EU is painting inverse head and shoulder pattern on smaller time frame. CPI data is about to release. keep an eye on 1.1120 level. a breakout above this level will confirm H&S. also, keep an eye on CPI data and open long position based on that.
EU was trading in a channel for some time, finally it has decided to break to the downside and continue the bearish trend that EU has long been in. Recent US retail sales data supports this short which means a strong $ against weak EUR. I'm in at 1.11425 let's see...
While the price is above the support 1.1000, beginning of uptrend is expected.
We make sure when the resistance at 1.1450 breaks.
If the support at 1.1000 is broken, the short-term forecast -beginning of uptrend- will be invalid.
.The price is above the 21-Day WEMA which acts as a dynamic support.
. The RSI downtrend #1 is...
Red channel descends with negative highs.
Stochastic with cross lines indicating a trend reversal.
According to the Ichimoku, the model is completely bearish.
The eurusd is in the upper range of the falling channel close to the resistance line, which serves as resistance and this increases the chance that we are on the way to another negative peak.
ill try to explain something that disturbs me with previous bull view on eu in comments so now ill present bear option.
that last drop down is too small to be alone here, so taking whole structure as an example, that A move down has the same length of the first wave as we have now in the wave E. so as shown in smaller time frame chart we may get waited move to the...
overall movement is for upside as we r seeing more weakness on dollar index, so the sub waves of the correction r marked.
those red abc in the last wave looks very similar, so it may go some more up to that yellow line and find resistance there.
but if this dont drop and if it brakes that green line that would be invalidation of this counts.