Euro drop - ICH is behind us

Apr 30, 2018

The Euro has topped its pullback from recent lows at 1.21400 and is now free to continue to drop. Of course, its the USD strengthening ahead of Tuesday's FOMC. Is it possible the long term monthly bull rise has completed and we saw of ICH? If yes, this drop can be significant. On the hourly the sideways slide has been broken to the downside with the neckline broken then backtested. Terrific risk reward on a short entry.

Short Entry: 1.21375
Target 1: 1.20700 (most recent low)
Target 2: 1.19500

Apr 30, 2018

Trade active

short 1.21375

Apr 30, 2018

Note

Better picture of why the sideways topping action is complete and confirmed (in my opinion).

Apr 30, 2018

Note

Not a complete collapse but good drop in advance of the FMOC. Lower lows and lower highs on the hourly. I’m looking for continuation tomorrow.

May 1, 2018

Note

Resistance hit, strong rejection initially but still retesting. Looking for breakdown to new lows.

May 1, 2018

Note

Target 1 hit and exceeded. Currently at 8.18 RR

May 1, 2018

Trade closed: target reached

Closing ahead of FOMC. No gambling!

May 14, 2018

Note

1.18500 hit. 23.6% retrace complete, ready for further decline. I will move this to a new idea and repost.