As you can see on your EUR/USD chart, today on July 5th the currency pair in question came so close to the most recent historical low of 1.2796 on May 17th.
What is your take on this price action? are your technical strategies indicating a reversal?
Are you bearish/bullish on this position?
Of course we all would love to see a nice reversal, but fundamental factors are telling me otherwise. I’m just having a hard time interpreting the chart technically.
i would say buy… at least they retrace 100pips… it was daily demand box… let say forex has memory…
USD has a great amount of momentum right now. The USD has rallied to five-week highs against the yen and six-week highs against the euro, four month highs against the pound, so, i think it will take some kind of, ummmmmm, false flag, maybe, to slow it down… This week has a great amount of events in the Forex realm, so anything is possible…
1.2818 was a good support, and it broke that, so, 1.2085 next stop, choo choo …
Look for 1.2787 short with a possible retrace to 1.2882 from Tonights Open, then look to go short in that area. Any movement above 1.3000 would indicate a strong candidate for a Long outlook.
But as of right now, look short, around strong resistances and 4H fractals.
Hey, its all speculation, right!!!
Good luck this week, and Remember, alot of News events, so keep an eye on the calendar…
Boy, I sure hit the nail on the head here, huh?
Opened at 1.2809- Long to 1.2882 +71 pips( stopped almost exact) then went down to my 1.2786 -close of that bar - for 101 pips and then Long at 1.3000 for +202 pips
Could possibly see 1.2882 here soon, which is my turning point for Shorts again.
As you see in my other thread on this forum, i entered a long position at 1.2882 and as my trading plan predicted the eur/usd retraced right back to the 61.8 fib level and my take profit order closed at 1.3155 for a profit of 273 pips in less than 24 hrs!
So excited!
AWESOME Youngwallstreet, Happy for ya, thats what its all about, stay positive, and take what they want to give ya!!
Keep rockin it,
Whether what is happening on the EURUSD would be a false breakout or a sustained bullish outbreak will be indicated with the time. Until then, one might need to sit on the fence.