EURUSD is tracing a downtrend for a good while now, and after FOMC, a new downtrend signal got activated, suggesting the pair will decline significantly in the next two weeks. Watch the targets on chart for a potential retracement, or at least, the start of a sideways pattern before trending down (or reversing). If we mive back above 1.063, the bearish case will be a flop.
You can take any intraday short signal to rejoin the larger timeframe downtrend here, but the daily isn't giving an appropriate entry here, only a viable hold if you're already short.
Good luck,
Ivan Labrie.
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The price action is scary, I'm out of all FX trades for now, I think we can get a retracement in the dollar trend.
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I'm back in USDSEK and entered a USDTRY long, but this should be safe I think.
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I'm out of FX positions, we might see some sideways consolidation or correction in the dollar into the new year. It's probably nothing drastic, but I'd rather be out while profit taking happens, and reenter later on, next year.
Im in on the short, the longs were caught out at the 1.052 level entry and nice liquidity to get this going down
IvanLabrie
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@Derby, exactly, in the 4h chart you could see a rally, but it failed already.
jeerah9494
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@IvanLabrie, Hi, i am fairly new to forex and i am on the short on this one. Would you say the price is still valid to go down to 1.010 - 0.990 ? Thankyou
jeerah9494
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@jeerah9494, and please could you explain what has failed already. thanks again
IvanLabrie
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@jeerah9494, hi, yes.
Downtrend wise, we can hold the position for a good while. We'll be able to reduce our stop loss gradually over time too.
Now, as far as the failed rally goes, I'll update the chart now. There was a 4h uptrend starting, which usually means the short term retracement is about to end, if the daily trend is down. (top down analysis)