Potential leg up in this pair. DXY is facing a very strong resistance, I expect usdjpy to fall, as well as eurusd and eurgbp to go up. I woudn't attempt to long eurusd or euraud or eurcad now though, it's safer to trade it against the pound. Time and price target reached suggests potential reversal or pullback. Good luck! Ivan.
Consolidation just above support and trading in a range, so a break out below could see it free fall to 0.718 and then the tgt's mentioned.
Also weekly turned out to be a bearish engulfing pattern supporting the view to the downside
IvanLabrie
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Or extremely oversold and bounce back up...we'll see soon enough.
justatrader
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I jumped in with stops just above 0.72766, will move to BE on this candle's close, with targets @ 7228, 718 and 713. *fingers crossed*
IvanLabrie
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This looks like the most probable outcome...SL should contemplate this kind of fall (if you base it on daily ATR multiples you're fine).
Maybe it drops until Wednesday, then head up from 0.718.
IvanLabrie
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Very nice move off the lows here, looks like a buy again.
justatrader
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Yep, been long from 7145, looking to exit at .73
IvanLabrie
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It's being rejected by that resistance to the left...I'll wait for further confirmation here.
IvanLabrie
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IvanLabrie
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Daily bird's eye view:
Entered long again with a 20 pip stop. I expect to ride it for 370 to 740 pips in 2 to 5 weeks.
Consolidation just above support and trading in a range, so a break out below could see it free fall to 0.718 and then the tgt's mentioned.
Also weekly turned out to be a bearish engulfing pattern supporting the view to the downside