Hey guys,
So this pair is currently in the midst of a Descending Triangle. After an uncharacteristic bump yesterday, this pair will likely see further weakness, test the support at 1.03965, bounce up and test the trend line, then fall further. This is the most likely scenario, and the main one I will plan for. I expect to long off of a confirmed bounce off the trend line. Then, upon a confirmed bounce, I will short, and I will scale in if this pair breaks the support further.
A few other scenarios could happen.
1. This pair could also bounce higher and above the trend line, which would mean strength. This positioning is shown by the dotted line above. This scenario is the second most likely, given the current RSI situation, which shows a weakness in downward momentum. If this happens, buy if the price action stays above the trend line for more than 24 hours.
2. Finally, the least possible situation of the three, EURUSD could bounce off of the trend line, and then go lower, eventually breaking the support and falling MUCH further. This positioning is shown by the hashed line above. If this happens, again, I will short off of a confirmed bounce.
All you need to know to make certain profit with this pair is that at some point, this pair will break one of these two important levels, and the break of a level will certainly mean a large move in that direction. Don't trade this pair until it breaks one of these two levels and you can confidently make a smart, calculated move.
Trade Well.
AW
So this pair is currently in the midst of a Descending Triangle. After an uncharacteristic bump yesterday, this pair will likely see further weakness, test the support at 1.03965, bounce up and test the trend line, then fall further. This is the most likely scenario, and the main one I will plan for. I expect to long off of a confirmed bounce off the trend line. Then, upon a confirmed bounce, I will short, and I will scale in if this pair breaks the support further.
A few other scenarios could happen.
1. This pair could also bounce higher and above the trend line, which would mean strength. This positioning is shown by the dotted line above. This scenario is the second most likely, given the current RSI situation, which shows a weakness in downward momentum. If this happens, buy if the price action stays above the trend line for more than 24 hours.
2. Finally, the least possible situation of the three, EURUSD could bounce off of the trend line, and then go lower, eventually breaking the support and falling MUCH further. This positioning is shown by the hashed line above. If this happens, again, I will short off of a confirmed bounce.
All you need to know to make certain profit with this pair is that at some point, this pair will break one of these two important levels, and the break of a level will certainly mean a large move in that direction. Don't trade this pair until it breaks one of these two levels and you can confidently make a smart, calculated move.
Trade Well.
AW
