So my main focus on EURUSD for next week would be an ID of 4H candle closure below black trend line .This is very important to confirm that EUR is weak and US dollar is strong. If that happens , a 50% retracement from higher low to lower low would be reasonable before the dump
Eur has been ranging for queit a while now , EUR has always been ranging
It's just like a loop , inside the 1M chart, there is a 1W range, inside the 1W range there is a 1D range and that's how it goes till 1m . It's all about finding the range in small timeframe that support the bigger time frames. I've been able to identify an hourly range which I would be...
So when there is a break out in the 4H consolidation, if its to the up side I am uncertain of the next move of the index but if its to the downside , a retest on the consolidation support is expected before the massive drop. The volatility may not be as high as expected but it should end at 102 before we can see a little rejection
The sell would only be confirmed if a significant in seen maybe on 4H or 1D. The sell would continue to 1.84103 on if the yellow marked zone is broken and maybe retested .
I will be waiting for xau to break the downwards trend line on a lowertime frame before jumping into the buy which should run up to 1856.739. The pump should be a big one
Following the break of the present consolidation, USDZAR should make a massive movement to the down side ,hitting 15.672 because it the 0.5 fib level of the highest high
Once price consolidates and retests the green zone or vice versa ,it would continue on it side wards movement till it is reacted upon by the major trend line.
Price should break and retest every black line before heading to 1459.190
those resistance formed can be used to add more positions.
Use proper money management system as this is no financial advice
Trade safely
After the formation of a resistance on the green zone ,we should be able to see clear chance to short the euro . After a retest of each black line during the down trend ,we can add more positions.
Use proper risk management system. To maximise our profit on this EURUSD trade ,we should hold our position for about 80 days to catch about 947 pip.
Stay safeout...
