Stumbling the EURUSD legs by the hour
{sorry - repost here, since the last published idea was cut-off to the right of the chart}
Not much has changed on the EUR USD :
--------------------------------------------------------
- the overbought and/or almost overbought levels the RSI have NOT given any clue to a continued bull trend
- ON THE CONTRARY, the oversold levels in RSI were not followed by an overbought RSI level. That makes a bull move all the more suspicious - and a continued downtrend all the more possible
- the solution to this Triangle (approx. maximum date for this = at 25th June) will tell whether bulls or bears are right
- since the bulls keep pushing, but remain to fail at the resistance line, the odds are to the downside
- note: this can be flipped, if broken to the upside decisively
My bias therefore remains: short, for first a testing of the 1.1180 level (red support area), then next testing of 1.1070 level (green support area) .
Given that we have got big events (or at least preceived that way :-) upcoming as the EUR Finance Council will discuss Greece's affairs - I am still holding on to my shorts, awaiting/speculating on first a watershed event (bad) only then to (possibly) to see some "solution" (which it won't be) for a quick rebounce thereafter.
If (if!) the 1.1070/1.1050 level gets broken violently, I will just enjoy the ride down. Otherwise, on just bouncing around about that level, I will cover my shorts there.
Take care, be wise, but be bold too :)
Not much has changed on the EUR USD :
--------------------------------------------------------
- the overbought and/or almost overbought levels the RSI have NOT given any clue to a continued bull trend
- ON THE CONTRARY, the oversold levels in RSI were not followed by an overbought RSI level. That makes a bull move all the more suspicious - and a continued downtrend all the more possible
- the solution to this Triangle (approx. maximum date for this = at 25th June) will tell whether bulls or bears are right
- since the bulls keep pushing, but remain to fail at the resistance line, the odds are to the downside
- note: this can be flipped, if broken to the upside decisively
My bias therefore remains: short, for first a testing of the 1.1180 level (red support area), then next testing of 1.1070 level (green support area) .
Given that we have got big events (or at least preceived that way :-) upcoming as the EUR Finance Council will discuss Greece's affairs - I am still holding on to my shorts, awaiting/speculating on first a watershed event (bad) only then to (possibly) to see some "solution" (which it won't be) for a quick rebounce thereafter.
If (if!) the 1.1070/1.1050 level gets broken violently, I will just enjoy the ride down. Otherwise, on just bouncing around about that level, I will cover my shorts there.
Take care, be wise, but be bold too :)
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