Short

EURUSD Another Counter-Rally prior to decline to 1.1915 Target

Updated

EURUSD: Another Counter-Rally prior to decline to 1.1915 Target
Having made the counter-rally back to the upper parallel EUR has continued its expected down-trend. It's now touching the next support line at 1.2027 and likley to make another small counter rally to 1.2067 and at highest to 1.2094 before it falls away again to the 1.1915 downside target towards mid May.

Note

EURUSD
The low so far is 1.2026 - just one pip under the line as we head into US open.
It's hanging around at the lower levels waiting to see if any support arrives from there as it wakes for the new day.
And if it doesn't arrive very soon now at current levels then any hoped-for counter-rally is doomed .
A break below 1.2027 by more than 5 pips will trigger further weakness down to the lower parallel and 1.1915 fixed support with stops above 1.2045 when triggered

Note

Drop stop to 1.2032 for 11 loss if this flips higher when markets open - just in case this is a near term bear trap

Note

Already testing the upper of two parallels and with DXY also testing next near term resistance some profit taking is likely here before it falls away to the 1.1915 target

Note

EURUSD
After another little counter-rally back up to the 1.2027 line EUR has fallen away to test the lower parallel once more.
Despite risks of another minor counter rally it should reach the target at 1.9151 fairly soon now.

Note

EURUSD
After another rally back to the upper parallel precisely EUR
has fallen to the target at 1.1915 after an intra-day low at
1.1910.
It should now attempt a feeble rally back to 1.1946 and the
upper parallel at best before it falls away again. And unless it
can find a double bottom at 1.1910 when it next comes off
the likelihood remains that it will decline further still over the
more medium term in stages to 1.1880 then 1.1815 and finally
to 1.1721

Note

EURUSD Closer

sumastardon

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