Update on the EURUSD. We are ranging!
Whether it's the calm before the storm or the middle of a war the breakout will be massive.
Personally I am bearish. Reason is that the market rose 1120 pips (1.204 to 1.316) before falling to 1.266 which is only 500 pips in comparison.
So you could argue that we haven't even fallen 50% of the climb.
Also, we have broken the downward channel on larger timeframes, but we have had no reversal, hence I believe the bulls are dead until me meet more important levels, say the psychological 1.2500.
Whether it's the calm before the storm or the middle of a war the breakout will be massive.
Personally I am bearish. Reason is that the market rose 1120 pips (1.204 to 1.316) before falling to 1.266 which is only 500 pips in comparison.
So you could argue that we haven't even fallen 50% of the climb.
Also, we have broken the downward channel on larger timeframes, but we have had no reversal, hence I believe the bulls are dead until me meet more important levels, say the psychological 1.2500.
Even the worst trade can close with profit. Just give it time.