This pair was analyzed with multi timeframe analysis and zooming out on EU, it looks quite bullish and I am forecasting further upside. Yes, I understand that we are at (and potentially rejected off) a critical resistance level but we are also in a corrective structure projecting a bigger move to the upside.
While looking at DXY, we have the exact opposite, where we have a Bearish Structure currently consolidating for further downside.
Some confluences to support this idea:
The first step in order to validate this idea, will require a clean break above the resistance zone around 1.22.
Let me know your thoughts.
Trade Safe!
HEET
ps. I generally post alot of updates as the idea/trade evolves. If you want to stay updated, please click the "Follow this idea" button.
While looking at DXY, we have the exact opposite, where we have a Bearish Structure currently consolidating for further downside.
Some confluences to support this idea:
- Inverted Head & Shoulders pattern formed
- Counter-trend of Daily Bearish Structure with Break & Retest
- Daily Bullish Wick that should normally be filled
- Previous COT data shows an increase in longs. New data will need to be reviewed when released.
- Potential formation of weekly ICI pattern
- Potential formation of new Daily Bullish Structure
The first step in order to validate this idea, will require a clean break above the resistance zone around 1.22.
Let me know your thoughts.
Trade Safe!
HEET
ps. I generally post alot of updates as the idea/trade evolves. If you want to stay updated, please click the "Follow this idea" button.
Note
I am looking for the break of this structure for continuation of DXY down. And when/if that happens, it should push EU up for the longs we have been waiting for.Note
We got the clean break below the structure. Although we may see a pullback, this is the point where I am expecting continuation to the downside.
Note
DXY gradually inching its way down. Really need to break the next level of support for continuation. Note
DXY is really struggling to break this zone. Note
Did DXY finally break through? It looks like it. Hopefully we get continuation now.
But there is a key level that we are hitting as I type this.
EU has a little more to go to break the resistance zone. Nice progress:
Note
DXY dipped below 90, which is a key psychological level but wasn't able to get a clean break with a close below this level. I still think that DXY can get below this level for further continuation and further upside for EU but I lost confidence that it was going to happen tonight.I closed all my trades at this level as I was in very good profits tonight and didn't want to risk any potential losses. 2 trades were closed over 40 pips and 2 trades were closed around 30 pips. Another thousand more would have been nice but I'm content with my profits tonight.
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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.