EURUSD 21.4 - Powerful long position with a chance of clouds ;)
Updated
Note that we have a few market moving events today :
- Jobless claims
- ECB & FED chairs speaking (Powell, Lagarde)
It's important to emphasize, such events have a tendency to be volatility triggers, it's much less important what is said and done - Majority of impact is volume and technicals.
Volume because everyone is trading and there's big swings and technicals because the swings, unless there's something truly drastic are moving the price action within the 4h up to weekly technical trend.
So with the introduction out of the way let's BE PRACTICAL!
1) A tunnel consolidation is broken up above what was 1.0850 resistance, a retest of this breakout is technically possible at around 1.0830.
2) A break above 1.0942 would allow for very possible continuation to 1.1020 resistance.
3) A break above 1.1021 with a daily close would be a break above the trend-line stretching from 1.150, highest point of the year.
Which could technically mean 1.1150 , 1.1250 and higher.
A solid trading plan would be to consider that the USD is very far up.
Using simple logic, of 'buy low sell high' , today's events may be very bad for USD.
The DXY (dollar index) is actually showing a solid bearish 'falling wedge' pattern.
So using careful risk management and patience during the day, buying the retest of 1.0830 and even 1.0720 which would be possible if breaks (very low chance), could be great long positions.
If you want to be bolder with a bigger chance of catching a big swing up with a probable crash of USD , you can consider a 200 pip downside compared to a 600 pip upside as short-mid term.
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Thank you for going through my idea! If you found my idea useful, please like and follow :D
It would truly mean a lot to me.
Also if you have any questions , don't hesitate to ask me and I will of course respond to everyone.
I encourage you to do your own research and be very careful when investing!
Once again, thank you <3
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- Jobless claims
- ECB & FED chairs speaking (Powell, Lagarde)
It's important to emphasize, such events have a tendency to be volatility triggers, it's much less important what is said and done - Majority of impact is volume and technicals.
Volume because everyone is trading and there's big swings and technicals because the swings, unless there's something truly drastic are moving the price action within the 4h up to weekly technical trend.
So with the introduction out of the way let's BE PRACTICAL!
1) A tunnel consolidation is broken up above what was 1.0850 resistance, a retest of this breakout is technically possible at around 1.0830.
2) A break above 1.0942 would allow for very possible continuation to 1.1020 resistance.
3) A break above 1.1021 with a daily close would be a break above the trend-line stretching from 1.150, highest point of the year.
Which could technically mean 1.1150 , 1.1250 and higher.
A solid trading plan would be to consider that the USD is very far up.
Using simple logic, of 'buy low sell high' , today's events may be very bad for USD.
The DXY (dollar index) is actually showing a solid bearish 'falling wedge' pattern.
So using careful risk management and patience during the day, buying the retest of 1.0830 and even 1.0720 which would be possible if breaks (very low chance), could be great long positions.
If you want to be bolder with a bigger chance of catching a big swing up with a probable crash of USD , you can consider a 200 pip downside compared to a 600 pip upside as short-mid term.
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Thank you for going through my idea! If you found my idea useful, please like and follow :D
It would truly mean a lot to me.
Also if you have any questions , don't hesitate to ask me and I will of course respond to everyone.
I encourage you to do your own research and be very careful when investing!
Once again, thank you <3
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Trade closed: stop reached
A close below 1.0720 is shuffling the deck. Further USD manipulation is taking place and eventually will expire with a big bang.
We will be here to catch it!
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