This pair is showing the possibility of a weekly flat which price has just hit the lower entry point. If price bounces off the 4 hour trend line look for one more bounce up. There will be good potential for a 1 hour shorting opportunity 1.16 - 1.18 mark. That should be its last upward thrust for a while.
I am watching carefully for a break of the trend line with a consolidation and then further downward movement pressuring the lows of last spring and possibly lower.
If this is indeed a weekly flat to the downside look for further weakening of the Euro to the .90 area.
I am watching carefully for a break of the trend line with a consolidation and then further downward movement pressuring the lows of last spring and possibly lower.
If this is indeed a weekly flat to the downside look for further weakening of the Euro to the .90 area.
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We have tagged the TL now lets see what price action will give us. A break below and consolidation and this will be a very good short for the mid and long term.
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Here is how you should have traded this move.You also have the ability to add to your trade after every small pull back but I usually don't add much to trades unless they give me a lot of strong signals.
Note. If you entered this trade and just forgot about it you have weathered a few storms and are still n it at an even greater profit.
Note. If you entered this trade and just forgot about it you have weathered a few storms and are still n it at an even greater profit.
