I think we can see a sharp rally back to the 2-month timeframe downtrend mode, as explained in my long term view chart. We can look to add on dips to 1.0564, with stops at 1.0505, or simply, add after each time the market moves 1 average range in profit, on setbacks. Note the triangle I highlight, constructed using the highest low before the election, the lowest high at the bottom, and the recent highest low before this last selloff in the Euro, which formed the 'Right shoulder' of our bottoming pattern. These trendlines are quite significant, so keep an eye on them for the breakout.
It's viable to keep stops far from the action now, to give this setup enough time to pan out, but if you're actively trading, you can also trade around the core position, in the short term. I leave that up to your discretion, just consider the main bias here is long.
We need to see 1.07396 hit within 3 days, ideally, which will probably be followed by stagnation, until we can break the 'neckline' here (happens to align with an ECB key resistance level (labeled by the green line near the recent highs.).
Good luck,
Ivan Labrie.
It's viable to keep stops far from the action now, to give this setup enough time to pan out, but if you're actively trading, you can also trade around the core position, in the short term. I leave that up to your discretion, just consider the main bias here is long.
We need to see 1.07396 hit within 3 days, ideally, which will probably be followed by stagnation, until we can break the 'neckline' here (happens to align with an ECB key resistance level (labeled by the green line near the recent highs.).
Good luck,
Ivan Labrie.
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I think the H&S bottom is confirmed now, fundamentals are out of the way and the market is ready to trend.
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Today's action further confirms this trend, if not in, get in here, and/or add on dips.
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Added more longs on the dip to 1.0779.
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Back on track.
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The euro is now finally ready to break the monthly mode resistance as forecasted here, exactly on time:
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Everything is coming to pass as predicted.
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Show me a more accurate forecast of the Euro. I doubt you will find many. Props to @timwest for developing this methodology.
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Might be good to rejoin the long side or add on dips, but I'm skeptical...I'll stick to gold and silver over currencies personally.