EURUSD: Big picture view
I'm short until we reach my target, but the bigger picture is confusing for the dollar, crude oil and the euro.
Crude oil is currently moving sideways, with a slight bearish bias, but not as radical as eurusd or inverse dxy.
I drew the daily and weekly time at mode signals on chart, with the MTPC indicator showing weekly candles, while the line chart makes it easier to compare the different instruments.
It would seem as if crude oil is actually leading the currencies, and I expect the move down to be short lived, based on that premise, and the fact that my current target, which is a 4 bar daily downtrend, aims for a retest of the previous uptrend mode in the weekly, roughly.
I wouldn't be surprised if we see a large consolidation or a reversal from this level, so I'll look into managing my eurusd short from the 4h chart, to scale in and trail stops accordingly. This isn't a set and forget short like many expect, nor a safe bet long/longer term trend reversal, there is no way to know for now, so better react, than forecast.
I'll keep a close watch and will focus on capturing potential opportunities linked to fundamental event volatility and update this chart as we go forward.
Have a nice week,
Ivan.
Crude oil is currently moving sideways, with a slight bearish bias, but not as radical as eurusd or inverse dxy.
I drew the daily and weekly time at mode signals on chart, with the MTPC indicator showing weekly candles, while the line chart makes it easier to compare the different instruments.
It would seem as if crude oil is actually leading the currencies, and I expect the move down to be short lived, based on that premise, and the fact that my current target, which is a 4 bar daily downtrend, aims for a retest of the previous uptrend mode in the weekly, roughly.
I wouldn't be surprised if we see a large consolidation or a reversal from this level, so I'll look into managing my eurusd short from the 4h chart, to scale in and trail stops accordingly. This isn't a set and forget short like many expect, nor a safe bet long/longer term trend reversal, there is no way to know for now, so better react, than forecast.
I'll keep a close watch and will focus on capturing potential opportunities linked to fundamental event volatility and update this chart as we go forward.
Have a nice week,
Ivan.
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