EUR/USD - Trend change?
Updated
It's getting weird! The upward movement is still intact, but the bears are getting stronger & stronger. The bears theoretically have room to push the market to the $ 1.17041 level without invalidate my "bullish setup". But below this mark I assume that we will see lower prices again:
Therefore, I prepared a second scenario and an alternative count:
With every meter that the bears gain ground here, the invalidation of the upward movement is increasing. For this reason we should be careful with long trades for the time being. Should it fall below the $ 1.17041 level, I will turn to the short side and look for a short entry.
DXY (correlation):
Stay away from the short side. A breakout above the previous high of $ 93,40 could cause trend change. The primary expectation is intact, but i´m prepared for my alternative scenario:)
DXY chart:
Therefore, I prepared a second scenario and an alternative count:
With every meter that the bears gain ground here, the invalidation of the upward movement is increasing. For this reason we should be careful with long trades for the time being. Should it fall below the $ 1.17041 level, I will turn to the short side and look for a short entry.
DXY (correlation):
Stay away from the short side. A breakout above the previous high of $ 93,40 could cause trend change. The primary expectation is intact, but i´m prepared for my alternative scenario:)
DXY chart:
Note
We could see a major change in trend in EUR / USD. Should the bears break below key support at $ 1,17041, the upside movement would be neutralized.
Related publications
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.