EURUSD breaks down as USD runs higher
We’ve finally seen the downside go in EURUSD and stops have been run through 1.1580 to a new low fo 1.1566. This now opens the door down to the low 1.15’s with 1.1530 the next main level to watch.
EURUSD H4 chart
1.1580 is likely to start building resistance so a test and hold there will keep this move valid. Support isn’t that strong until we get to the 1.1450-1.1400 area.
Draghi is due to speak shortly but it’s on banking supervision so it likely to be a dud on monetary policy. We’ll be ready though in case he does drop something into the conversation.
Psychedelic chartist extraordinaire. Have your shades ready.
Philosophy: “Don’t be a Dick for a tick”
Read how Ryan got into trading here
Philosophy: “Don’t be a Dick for a tick”
Read how Ryan got into trading here
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it seems the H&S formation is in progress… But at which level can be called to be completed? At 1450? Thank you
I’m not one for H&S formations Gaboss.
I’ll stick to the levels I know rather than trying to guess where a flimsy indicator like that “might” go. For me, 1.1400/50-1.1500 is a big area, purely because it was such a big level on the way up. Take a look a a weekly chart and draw a horizontal line at 1.1450, then see how it acted since Jan 2015.
http://www.screencast.com/t/xsPf2yT4Aj