This is again a conflictual price move. If you look at the previous structure you'll see it. The pair from here can shoot down before the next rise. But, it can just continue it's move up. (probably not a shooter but still going higher). Compared to my previous post, there's not much difference except that the possibility for a shooter down is greater now, but not sure.
Now that we are in the green box, the market can drop for a correction, but after such a large bar price can also swing higher. If this happens it will be in wave's. The target is the red box.
Although everything seems to become bearish, I do not think this is the last bullish move. The pair is heading to break the yearly highs. This is clear after what we saw today. If this happen we'll see 1,1600 before 1,6500. Then there will be room for a correction down but before the next rise. If this trend line break happens, EURUSD will target 1,20 levels...
Looking to what happened last friday, I see a potential wedge formation. One of my trades failed, looking to what happened I saw a potential move up. Further more: Fed Chair Janet Yellen her speech was weak. The results are not too good for the dollar. On the euro side, keeping in mind that Draghi did not change his mind yet, the EU zone will continue it's march...
A couple of trades on the chart Here are some of my trades, trade your own plan. This is not trade advice.
I think things are clear on the chart At some point this will break either wedges. But at this point there's still place to move to the upside. (with ups and downs)
The pair looks still bullish but looks not ready to reach the target of the purple arrow on the chart. I mean far above the red trend line. Breaking this level will open a straight way to 1,20 levels and higher. I think that here the market can stagnate in order to decide in which direction it will go. But sooner or later it must go higher, above the trend line....
Most indicators show weird things isn't it? Now, I just re-entered long again. I trade my plan, trade yours. GL !
Again..., a new IF case. IF the price goes up, then I go short. Otherwise I'll cancel again.
If we go down. My idea on the chart This is my trade, trade yours. GL !