This is a trade that i will be keeping a close eye on, i will be looking for the market to come down to 1.0800-1.0820 before taking a long position. We have a risk to reward ratio of almost 2:1 and we have a 382. retracement falling on a major support structure and usually when we have a 382 retracement the ABCD pattern comes to mind and 1 to 1 harmonic move of this pattern will terminate exactly where the bat pattern completes, that area happens to also be a major resistant level. So in terms of structure, this is as good as it gets.
Watch my weekly video to see my in depth analysis on this pair as well as the GBPUSD.
Absolutely agree. The 1.0800 - 1.0820 area could be a very good entry point
tokuen
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I do not agree with you for the way I see euro / dollar will continue falling
JoMarshall
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You do not have to agree with me. I trade what I see and structure tells me it will go up and if doesn't then I'll take my loss with a pinch of salt and move on to the next trade. You can't win every single trade. So we'll see what happens
jhakas
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nice
IvanLabrie
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I'm long already, I don't think it will hit that level again...
JoMarshall
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Yeah we might get a brief rally from this point as it is 382 retracement and RSi is oversold but I still expect it to touch 1.0800-1.0820, but we'll see
IvanLabrie
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Yep, wait and see.
Cheers!
WaveAlchemy
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This is nice. Good work Jo. I have some reinforcing analysis.
JoMarshall
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Nice chart, let's hope we get that drop into our buy zone. Thanks for sharing bro.