After bulls were devastated by ECB, FOMC, and NFP, everybody is like now what??!! Well, market is currently in a strong massive downtrend that broke the strong support levels at 1.11136 and 1.08717. But I think we will see an end to this pretty soon around 1.06000 and we will see a bounce back at least to the previous structure levels. Here are my reasons: 1-Completion of our advanced patterns 2- Structure level of 1.05602 3- Support of the previously broken daily trend line 4- We will most likely see an extremely OS RSI by that time 5- 1.06000 is a psychological number.
As I previously mentioned, we are in a current massive downtrend. For being on the safe side, I recommend to wait for a doji candle or a double bottom and RSI divergent at that level before getting involved into any trade.
PLEASE note that all these are technical analysis, and ECB and Fed's decision for increasing the interest rate in December could completely change everything. Good Luck!
As I previously mentioned, we are in a current massive downtrend. For being on the safe side, I recommend to wait for a doji candle or a double bottom and RSI divergent at that level before getting involved into any trade.
PLEASE note that all these are technical analysis, and ECB and Fed's decision for increasing the interest rate in December could completely change everything. Good Luck!
Comment:
Target 1 achieved +300 pips.
Trade closed: target reached:
I'm not involved in this trade anymore, obviously, but we did in fact hit the second targets for 600+ PIPS.
