EURUSD: Plan 1 is almost accomplished. Now plan 2For a few weeks I was writting about the Trend of EUR and making some daily updates sinceApril on twitter and since I am a member of tradingview.
Therefore to recall, since Early April , The first part of my trading plan was to enter a long on EURUSD from 1.37until 1.40.
We didn't arrive exactly to 1.40 but 1.3990XXX And then, the move down with a consideration of a double top pattern to 1.37 and the break out to 1.355.
We are not yet at 1.3550 although there is still some room to move a little bit, despite the oversold indicator on STOCH and W%R.
Now the timing of the 2 plan which is I recall a second and final long towards 1.375 or 1.385 before coming back to 1.355, and progressively, to 1.33, and 1.30..
At the present moment, we do not know two thing for sure that could impair the market. Will ECB President Draghi decrease the interest rate next June 5th? Or not?
Will FED increase its interest rate at the end of the tappering?
This two elements , their timing, is rather important.
But if we do disregard these two facts ,and based on the charts and indicators, Euro may try to go upwards again if we do consider that Plan 1 is achieved. And the headline goal may be at the first hand 1.375, and then 1.38.
then everything is based on when this level is achieved and how fast it is being achieved.....
On a pure charting model, we are faced with a falling wedge, where there is stilll a room to 1.355 before a break out upside toward 1.3685-1.37 first and even further up.
But we need to wait and see if Mr Draghi will make any annoucement next June 5th or not.
