EURUSD - Life-Time opportunity to short now! (must see)

2024年8月12日

The price of EURUSD is still inside this symmetrical triangle, and what you want to do is short its downward sloping trendline! From my previous EURUSD analyses, you know that EURUSD is in a long-term downtrend, so we want to trade with the trend and speculate on price decreases. I believe we will hit 1:1 parity with USD soon (1.00 EURUSD price).

What is the lifetime opportunity I was talking about? As the price is currently at an extremely strong resistance, it's unlikely that the price will go through anytime soon in the coming years! You can hold this short potentially for months and years if you want. Also, on the weekly chart, we have a very bearish shooting star candle (pin bar).

What is the next target? If you see a symmetrical triangle, always draw a parallel channel projection to estimate your profit target. This is a very advanced technique you want to use, so I hope you just learned something! Knowledge is important.

From the Elliott Wave perspective, symmetrical triangles that occur at the top of a trend are usually a nest (1-2-1-2) structure. This is the start of a downtrend, and once the 3rd wave triggers, we will see a massive fall!

2024年8月12日

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The price is below the major 200 weekly moving average. This is a strong indication of a downtrend. As you can see, the EURUSD loves this MA and as long as the price is below it, we have to be very bearish!

2024年8月12日

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The DXY index is bullish. The price has been in an uptrend since 2008. 

2024年8月13日

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A lot of people prefer to wait for the resolution of this symmetrical triangle, and I completely understand that. But let's talk all possibilities and probabilities!