EURUSD: Downtrend active
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EURUSD is tracing a downtrend for a good while now, and after FOMC, a new downtrend signal got activated, suggesting the pair will decline significantly in the next two weeks.
Watch the targets on chart for a potential retracement, or at least, the start of a sideways pattern before trending down (or reversing).
If we mive back above 1.063, the bearish case will be a flop.
You can take any intraday short signal to rejoin the larger timeframe downtrend here, but the daily isn't giving an appropriate entry here, only a viable hold if you're already short.
Good luck,
Ivan Labrie.
Watch the targets on chart for a potential retracement, or at least, the start of a sideways pattern before trending down (or reversing).
If we mive back above 1.063, the bearish case will be a flop.
You can take any intraday short signal to rejoin the larger timeframe downtrend here, but the daily isn't giving an appropriate entry here, only a viable hold if you're already short.
Good luck,
Ivan Labrie.
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The price action is scary, I'm out of all FX trades for now, I think we can get a retracement in the dollar trend.
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I'm out of FX positions, we might see some sideways consolidation or correction in the dollar into the new year. It's probably nothing drastic, but I'd rather be out while profit taking happens, and reenter later on, next year.
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