EUR/USD
could not break above the resistance level at 1.2840 after spending days testing it,
and eventually began descending again. It broke below the the support level at
1.2680 and, I think, is currently headed for target 1.2520. This, of course, is
only the short term target. If you look at the monthly filter chart you will
notice that the long term target is around 1.2200, although I am sure it is
unlikely to reach it any time soon. Anyway, I think it might be time to start
selling again. Frankly, I should’ve probably done that yesterday, but better
late than never.
Very good analysis, thank you.
ReplyDeletewith German PMI tomorrow we might see breakout.
ReplyDeleteYeah, lets wait for the German PMI, see where it goes.
ReplyDeleteEURUSD pair fell during the course of the day on yesterday session, sending this pair looking for the 1.2650 handle. It appears that the EURUSD is ready to go lower, and at this point time any rally should be treated with suspicion. With that in mind, the pair can drop to the next key level at 1.2500 or even to the 1.2050 level based upon longer-term charts.
ReplyDeleteGreat review of trade, thank you.
ReplyDelete