Sunday, April 26, 2015
The EURUSD has pushed again to a new high, busting my forecast. It's still rallying in a corrective manner so the key is to look for tops and selling opportunities. The price is consolidating in a possible triangle right now and since triangles lead to thrusts and reversals. So, I'm looking for an initial move higher to the 78.6 Fibonacci level at 1.0923, or around 1.0900 round number resistance for a top.
Before I get short I want to get confirmation first. For that I'd like to see some type of reversal price pattern, like bearish engulfing candle, shooting star, etc. In addition, a nice close below 1.0800, which has been a resilient level the past couple weeks, would also be a good sign a top is in and the bears have regained control.
PLEASE NOTE: THIS IS JUST AN ANALYSIS BLOG AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. THE DATA HERE IS MERELY AN EXPRESSED OPINION. TRADE AT YOUR OWN RISK.