Which one will head down hill? Most probably the Euro based on the setup?
I have seen stranger things. The sentiment around the Euro is currently bullish and the Dollar bearish.
Is this about to change over the next few weeks?
Key indicators being publish over the next 2 weeks will determine where we head.
This is my Euro -0.03% forecast. The picture is very clear about the Bat Pattern I had found. Why the retrace? For tomorrow I dont expect any changes in ECB monetary policy , and also think they will be talking more about external risks for the EU recovery due to political tensions. Anyway, data is still showing at least for me a good recovery when you take a look...
Seems like a Inv.HnS in the Index.
DXY seems like retesting a descending triangle formation with limited upside and big divergence in the RSI.
Both premises together make me deduct a probable strenghtening of the EURO.
Also, French elections + Eurostocks sentiment are good.
We can ride this uptrend while it lasts.
Hey traders, I have definite short bias on the Euro on the Weekly timeframe. However, the question remains, "will we see consolidation this week or bearish breakout?" The next couple of days should unfold the next chapter in this story. Stay tuned
On background the down_trend we have the rising correction channel which was broken/ so we have a good opportunity to take short position/ setup pending sell order on breakout the fractal_based line
I think the chart explains by itself very clearly so you will know what to do. Just see the pink channel we were trading and how it was broken. So you should expect correction flag and then bearish impulse. Probably if you go to a lower time frame as 4h or 1h could understand better what I mean but wanted to show the borad picture.
