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Being Friday there should be some unwinding of short EUR/USD position because of profit taking of shorts during the week and the geo-political risk of holding the USD over the weekend.
The relative high at 1.2716 should not be touched.
Early next week there may be one more USD rally pushing the EUR/USD to support at about 1.2350.
If support holds. The EUR/USD downtrend is likely to reverse. At 1.2350 there is a triple bottom formation. As well as multiple bullish divergences.
If the EUR/USD fall below support at about 1.2350 then it might fall a significant amount more.
Still think the best entry method is a buy stop above the relative high. That way if the USD continues or accelerates the stop is not touched and you don't lose money.
Red line possible price action
Blue line relative high entry point
Pink line possible MACD-H action
Yellow line bullish divergence between medium term declines
Light blue line bullish divergence between short term declines
Green line support at 1.2350
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