EXY is at a critical turning point which will judge its course in the future. Looking at the data in the charts, it is obvious that the sellers are trying to lead the index to lower price levels.
Starting from the analysis of the trend and its momentum, in the price chart on the left, there is a downtrend lately which has led to the break of the lower limits of...
Equal lows right above where the next 61.8 fibonacci retracement is. Also a whole number (1.27000) and could be the end of the correction and beginning of next bullish cycle.
Next target is 2.618, as 1.618 has been breached over the last two weeks. Expecting a liquidity grab before moving up. Maybe even as low as 1.26000. If price does travel down that way, would...
D1 - Potential double wave down.
Price still has room lower towards the 61.8% Fibonacci expansion level of the first wave.
Currently there are no signs of a trend change.
H4 - Bearish trend pattern.
Currently it looks like a correction is happening.
Until the strong resistance zone holds my short term view remains bearish here.
H1 - Price is bouncing higher from a strong support zone.
Price still has room higher towards the key resistance zone formed by the 161.8% Fibonacci expansion level of the first wave and the 61.8% Fibonacci expansion level of the second wave.
Until this strong support zone holds I expect the price to move higher towards the key resistance zone.
Here's a look at the EURO / DOLLAR pair heading into a new week the pair is currently trading in a bull frag which it can break in any direction but looking at the momentum push with the bulls looking for continuation of this move as it would be premature to go against the trend seeing no signs of slowing down on the pair so on higher time-frames we...
kinda messy but...
We got the Cypher pattern completing at 1.618 (according to the Fib expansion) at an exchange rate of 0.72860.
Let's wait for a confirmation (could be at 0.72446) to sell this pair.
The first exit would be at 0.71298 (50%) and then moving the SL to the breakeven point.
The second exit at 0.70921 (61.8%).
I did not include the retracement...