ok, we are now trading at around 1.2300. Already been to as low as 1.2297. Some buying is coming from 1.2300 area for now. Lets see how it handles 1.23. I am willing to see 1.2270-1.2300 range... but my will is my will. Lets see how it goes... if not, buying on bounce from 1.23 may also be an option. First lets see how it behaves.
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Hi Everyone!
Little comment, because I see mixed picture for now.
EURUSD: On daily charts, we have a possible (?) formation very alike with Head and Shoulders. In such situations we have to be careful. H&S formation is a reversal pattern which is best when coming after a trend, buy in this case we cannot say we have this situation. And so, in my opinion it makes the situation even more complicated. Similar pictures may be seen on Cable and Swissy. I am sidelined for tomorrow, and will look at how the market acts. Will update tomorrow on my thoughts.
Good Luck!
Rezo Shmertz
Little comment, because I see mixed picture for now.
EURUSD: On daily charts, we have a possible (?) formation very alike with Head and Shoulders. In such situations we have to be careful. H&S formation is a reversal pattern which is best when coming after a trend, buy in this case we cannot say we have this situation. And so, in my opinion it makes the situation even more complicated. Similar pictures may be seen on Cable and Swissy. I am sidelined for tomorrow, and will look at how the market acts. Will update tomorrow on my thoughts.
Good Luck!
Rezo Shmertz
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Very interesting situation is happening with GBPUSD. We have same formation that I showed on Sunday on Euro, but this one is closer to breaking the neck line. This may set a new downside movement. The neck line would be considered broken below 1.8000, which is also a round figure. Just yesterday have we broken the 200 day MA, and this is also a sign that further weakness may follow.
Good Luck!
Rezo
Good Luck!
Rezo
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Hello Everyone. For the coming days:
EURUSD:
As we see, Euro is trying to break down a reversal pattern head and shoulders. Even though this figure doesn't appear after a bullish market where it would be a good reversal pattern, it is still better than nothing.
Right now we are standing at 1.2000 which is a round number, and may provide some resistance. Afterwards we have the 1.1950/70 area which we should see braking down to start talking about retest of this year lows below 1.18.
Strategy: try to sell around 1.2100/20 with stop above 1.2170/80, moving stop to zero on +30, closing half on +50 and targeting the rest for 1.1800. I will post once/if I enter.
EURUSD:
As we see, Euro is trying to break down a reversal pattern head and shoulders. Even though this figure doesn't appear after a bullish market where it would be a good reversal pattern, it is still better than nothing.
Right now we are standing at 1.2000 which is a round number, and may provide some resistance. Afterwards we have the 1.1950/70 area which we should see braking down to start talking about retest of this year lows below 1.18.
Strategy: try to sell around 1.2100/20 with stop above 1.2170/80, moving stop to zero on +30, closing half on +50 and targeting the rest for 1.1800. I will post once/if I enter.
Attachments
Lets zoom in to 60 min chart:
We see that on Thursday we had a move below the 7030, but then we retraced and on Friday closed below the very same 0.7030. But since the move on Friday was in late US trading hours, I say lets wait for European opening on Monday, and maybe I will try to sell on move towards 7040. Will update on this one as well.
We see that on Thursday we had a move below the 7030, but then we retraced and on Friday closed below the very same 0.7030. But since the move on Friday was in late US trading hours, I say lets wait for European opening on Monday, and maybe I will try to sell on move towards 7040. Will update on this one as well.
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And the last but not the least - EURJPY:
We have a clear bounce from the upper levels, confirmed by a small break of the inner line at 133.20. This pair should target 130.00/30 next (June low), followed by targeting the main line of the triangle.
Will try to sell on move towards 133.00 with stop above 133.40.
We have a clear bounce from the upper levels, confirmed by a small break of the inner line at 133.20. This pair should target 130.00/30 next (June low), followed by targeting the main line of the triangle.
Will try to sell on move towards 133.00 with stop above 133.40.
