As of right now i have all my big positions in Bullish US Dollar Pairs but i will like to try taking a trade that's Bullish for the Euro just incase the US Dollar trades dont go quite how i want. EURSEK seems to be the best bet as a hedge because on the weekly it has a double bottom formation with Bullish Convergence on the RSI; Price it may try to target the...
EUR/SEK is trading within a well defined range, however recent price action suggests increased buying pressure that could see a move towards the top of the range. A break out of the upper resistance levels will see the completion of a long term bottoming pattern and potentially the start of an upwards trend.
EUR/SEK looks to be forming a bowl pattern on the point and figure chart, if it can break above the horizontal resistance it keeps testing longs plays are an idea.
*This is not a recommendation to buy or sell it is for educational purposes only*
Summary: Friday brought a sharp reversal of the US dollar strength from Thursday as the US May payrolls data was seen as likely to lower the odds that the Fed will deviate from its current patient stance on trying to see through strong labour market and inflation data in the near term. The last biggest test on that front will the US May CPI release on Thursday....
Here is the analysis for this pair, let me know in the comment section below if you have any questions, the entry will be taken only if all your rules of the strategies will be satisfied.
EURSEK after the recent lows started a retracement move to the upside inside a minor channel.
The price now reached the weekly resistance and according to Plancton's strategy if the price will break below we can set a nice short order.
Follow the Shrimp 🦐
Keep in mind.
🟣 Purple structure -> Monthly structure.
🔴 Red structure -> Weekly structure.