The EURUSD is at a decision point, I see this as the fourth retest of the bottom of the ascending channel which it has ben ranging in for the last month. Wait for a break and retest for confirmation short - probable 3-4R target with the potential for retest of the weekly support at 1.135-1.140 giving >9R
Trade what you see, not what you feel
Trade what you see, not what you feel
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We had the break of the channel, now let's wait to see if the retest of the zone holds - or is this a faker?
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This idea is not yet dead for me. There was a break of the zone followed by a retest and then, on news from the ECB yesterday, we saw a nice spike that took out some short stop losses and provided liquidity - caution is still needed as the market has been net long EUR by more than 4 to 1 (commitment of traders) since early August. If it starts to move down there are still a lot of long positions to liquidate so, if it does go, then the short stops could see it accelerate quickly...
I'll start to build a position now
This idea is not yet dead for me. There was a break of the zone followed by a retest and then, on news from the ECB yesterday, we saw a nice spike that took out some short stop losses and provided liquidity - caution is still needed as the market has been net long EUR by more than 4 to 1 (commitment of traders) since early August. If it starts to move down there are still a lot of long positions to liquidate so, if it does go, then the short stops could see it accelerate quickly...
I'll start to build a position now
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