EURUSD falters at 1.40 - Euro bears lick their lips

Just to reiterate - I am not stating we are within a downtrend. Simply the potential for a long-term reversal pattern (yet to be confirmed) which leaves room for new highs along the way, but near-term sentiment us bearish due to engulfing candle yesterday, on notably high volume.

My approach on EURUSD is to stay within intraday timeframes, and not 'outstay my welcome'.

If we close with a weekly Shooting Star, then it leaves room for near-term weakness going into next week. However, as long as we stay above 1.380 then intraday bias is bullish up to 1.390.

But as we all know too well... the damn thing keeps on going up!
Anyway - it’s Friday night for me, so have a good trading session and weekend.

:Q

Is this the meaning of currency war? - Bulls an Bears fighting!!

Sorry to interupt you all, For me it is the strong evidence of reversal of the long term and they don't get any better than that because price react at multi year high and screwed traders looking to buy breakout above 1.3966 on hourly after daily and weekly extremes were taken out, But guess what happened in the last 3 minutes of that hourly candle. Price went below 1.3911 and there was no stopping and Now we can expect 1.3760-1.3770 area to offer some support but only for few sessions and the last support 1.3644 should be taken out for wave traders for the end of wave 'E' They are looking for.

If you watch price action same reaction was made few days after christmas eve, when price surge to multi-year high and range bound holiday trading blew so many retail trader's accounts. History repeated itself again yesterday

regards

Yes….. licking our lips…... and no,…... we didn't "lose our whole account" like so many bulls warned us about. By the way…...Where's all the "LOL"s this morning? Bulls waking up without a lot to laugh about?

Oh well, . . .JOLTS should also provide a nice wake up with the smell of their coffee this morning

You might want to re-draw your support line from July 8th.

It just broke on the daily chart

awwwww, i see that now. thanks

I don't know man, this move down doesn't convince me yet. Hasn't cleared the swing low from april 4th. So from the looks of it, today's low is just a higher low.

But time will tell, always important to use good money management no matter what the case, long or short.

Here is where they get it all wrong. The euro dropped sure but was it or was it not due for some correction? Can anyone say we are therefore in a downtrend as a result of the drop? Is it not too early to get all sensational? How many times we seen this before? Why are we so strict in teaching what we do not practice? A reversal has at least a technical definition - use it or simply watch.

BTW: We react from circa 1.38139

Going up or down price moves up and down The Crow

No surprise here. This was expected. Actually, the surprising thing was price surging to 1.3992 which was FORBIDDEN territory, but in less than 20 minutes market forces brought it quickly back in line. THose counting on a Buy stop got screwed as usual.

The bearish move is just wave C of a Zigzag started on March 18. Potential retracement to 1.3600. Until there, there will be 2 retracements. Enter SELL at end of first retracement. Know where to take your profitss (ideally at the beginning of 2d retracement, the market will tell....)

When C completed, expect strong bullish move.... in the 1.4000 territory and beyond.

This is the case for technical definition. I would say that a proper trading management and good discipline be adhered to while trading during this period.

No war.

Just victory for bears

Surrender for bulls

I'm looking at the daily chart now for eur/usd, it's still in an uptrend.