Euro Area GDP growth rate came as expected, Euro has a massive advantage against USD right now. I was long since early April, and looks like i will stay long for another month
https://www.dailyfx.com/sentiment {image} FF {image} https://fxssi.com/tools/current-ratio?filter=EURUSD Fxssi sentiment ratio is not correct compared with the reference source of IG & FF {image}
See similar PA at end of these 3 latest main extensions of EU before a deep correction on daily chart. I don't say it will happen again. But at least can say bulls momentum is weakening on Daily TF. Also we are ahead of some rough resistances on daily and weekly. so after such big rally from April I don't except this exhausted extension could break them without any deep correction. I think it need see at least 1975 to grab liquidity to break through hard levels above. Please correct me if I'm wrong. Ata! How do you think bro? {image}
That's why I shorted.. As you might know for this one I am relying on the AB=CD pattern.. Waiting for progress (maybe tomorrow... at least I hope so) Hi, The friday move was completely related to the POUND and BOE rate hike expectations. These events put all the currency pairs to move up to get the pound value higher. If you look at it carefully the EURUSD didnt move anywhere the whole week. It was trading around the same 1.1940 for a whole week. Moved up and down. there was some very good data from the US last week which will ultimately support the inflation and wages. Fed and ECB minuted going to have high impact on the dollar bulls. ECB minutes will show the high concern by the officials over...
But in any case funny to read some fundamental analysis from you, seems you fully switched to technicals now.
I dont think there will be a pullback from this. ECB and any Draghi speech do anything on euro rise. It's going down to 1.16 may be below. My only concern is geopolitics.
See similar PA at end of these 3 latest main extensions of EU before a deep correction on daily chart. I don't say it will happen again. But at least can say bulls momentum is weakening on Daily TF. Also we are ahead of some rough resistances on daily and weekly. so after such big rally from April I don't except this exhausted extension could break them without any deep correction. I think it need see at least 1975 to grab liquidity to break through hard levels above. Please correct me if I'm wrong. Ata! How do you think bro? {image}
Great time for positions with extra tight stops and much bigger TPs. With short-term (15m) momentum potential + longer-term, posted in previous post were more details.. Buy stop 2226 Trailing SL from 2206 {quote}
{quote} I see it different. As nicely seen on your chart, currently we are toiling with the center line. However your interpretation that after three tests there will be a reversal only applies for my opinion only when the price action is on the upper limit. At the moment we are approaching from low levels and the movement is in direction of the trend. This is important, on similar occasions I observed a continuation and not a reversal. And btw... always keep in mind the DXY!!! (inverse behavior!) because he represents the opinion of the FED, which...
{quote} I think that my sell order will end up in profit
{quote} Maybe you're right. I want to show another view of Weekly TF. As a swing trader, I see: AB: First extension, Strong, suggests continuation BC: Correction of AB: Weak, suggests next long extension CD: Second extension, Shorter than AB, Suggests weakness in long DE: Correction of CD, Strong, Suggests end of up trend, Then sideways or even reversal. So I really will be wondered if EF (F is not formed yet) would be longer than DE. {image}
