Even tho I like to be a Euro bull from time to time
call me stubborn but it is easier to trade choosing a side
at least for me.
But one might think twice when seeing this monthly chart
for the year to come and all trades ahead.
the euro has not not been able to close and stay
one single month in the key area for it to climb higher.
Looks like Draghi is doing...
the immediate risk for further downside move is not removed until price breaks and manage to stay over 1.1020.
Expect that level to be tested shortly as well
The longer term pullback heading to make a new higher high wont resume again until price breaks and stays over 1.1250-70
Imo only breakout trades from these types of zones on this pair is fun to trade
These are the current levels that I base my EU trades on.
somewhat based upon the quarters theory but also based upon the price range so far this year.
As you can see - a break of the current level opens up for 1.08
but price must then make a clear break of this level and make a new low under 1.10
If this level holds we are back into range play with both an...
nothing goes in a straight line - buy the dips for short term trades -
- be patient - target the grey line - set your SL as per your own rules and take ownership of your own trade - and dont blame the charts you shadow trade