The Euro has topped its pullback from recent lows at 1.21400 and is now free to continue to drop. Of course, its the USD strengthening ahead of Tuesday's FOMC. Is it possible the long term monthly bull rise has completed and we saw of ICH? If yes, this drop can be significant. On the hourly the sideways slide has been broken to the downside with the neckline broken then backtested. Terrific risk reward on a short entry.
Short Entry: 1.21375
Target 1: 1.20700 (most recent low)
Target 2: 1.19500
Short Entry: 1.21375
Target 1: 1.20700 (most recent low)
Target 2: 1.19500
Trade active
short 1.21375Note
Better picture of why the sideways topping action is complete and confirmed (in my opinion).Note
Not a complete collapse but good drop in advance of the FMOC. Lower lows and lower highs on the hourly. I’m looking for continuation tomorrow. Note
Resistance hit, strong rejection initially but still retesting. Looking for breakdown to new lows.Note
Target 1 hit and exceeded. Currently at 8.18 RRTrade closed: target reached
Closing ahead of FOMC. No gambling!Note
1.18500 hit. 23.6% retrace complete, ready for further decline. I will move this to a new idea and repost.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.