Hi guys, the EURUSD, what we know; lower prices were rejected quickly, but we have enough bears to push the EURUSD lower. prices have been hugging (but staying mostly below) long term up trending resistance and we are definitely below former support now resistance.
At first glance the chart looks bearish and based on my Market Barometer forecast, I would agree with 'bearish'. That said, I will wait for a break out of the smaller flag formation (see attached chart shot). I expect a bearish move, but every push down has been quickly corrected lately. The Market Barometer saved my bacon last night and got me out of my EURUSD with profits before the quick correction.
I'll update this post if we get a trade.
Kommentera
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Here is the chart shot (short term flag)
Kommentera
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I am short the EURUSD. Prices are marked on the chart.
Kommentera
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Market Barometer seems to agree. The USD is climbing and the EUR just bounce off of the 50 (mid) and pushing down.
Kommentera
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Stopped out. I am not going to enter long. I'll sit this one out.