EURUSD is one tricky chart, compared to the other euro pairs I'm trading. I suspect we will see volatility, which will get as many people stopped as possible, while still having the stronger moves to the upside. The weekly is building modes higher and higher, and just confirmed a 9 week uptrend signal, which might run into low volume resistance in the 1.16786 region. I'm considering entering a short term long with a stop under the highest 9 week mode, attempting to capture the pending upside. Will update with other daily and 4h positions I take on this pair. Good luck, Ivan.
Looks like we're facing mode resistance again.
I'm not 100% confident in follow through in the short term.
Daily uptrend signal expired.
YuzukiChan
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Very tricky, indeed. Stops should be loose.
IvanLabrie
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I think we're seeing a very rare leading expanding diagonal wave 1, pending its fifth here.
YuzukiChan
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That's my top alternative. But chances are that one be a correction. Gann fans, Fib spirals and such don't just fit there right. It's uncanny. I've already missed today's downward euphoria. So a bit nervous... Well, either way a move up should pop up. And we are going to be able to tell the situation when that comes in.
IvanLabrie
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That's why I don't base the trading decisions on the EW count.
IvanLabrie
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Looking really bearish in the short term.
Fundamental wave analysis TM:
Euro boost (corrective):
03:00 DE EUR Gfk Consumer Confidence Survey (Jul)
07:00 UK GBP CBI Distributive Trades Survey - Realized (MoM) (Jun) 1 51
Dollar boost (impulsive):
09:30 US USD Initial Jobless Claims (Jun 19)
09:30 US USD Core Personal Consumption Expenditure - Price Index (YoY) (May)
09:30 US USD Personal Spending (May)
09:30 US USD Personal Consumption Expenditures - Price Index (MoM) (May)
09:30 US USD Continuing Jobless Claims (Jun 12)
09:30 US USD Personal Income (MoM) (May)
09:30 US USD Core Personal Consumption Expenditure - Price Index (MoM) (May)
09:30 US USD Personal Consumption Expenditures - Price Index (YoY) (May)
10:45 US USD Markit Services PMI (Jun)Preliminar
10:45 US USD Markit PMI Composite (Jun)Preliminar
Cooldown (chop/triangles/wxyxz's):
11:30 US USD EIA Natural Gas Storage change (Jun 19)
12:00 US USD Kansas Fed manufacturing activity (Jun)
14:00 US USD 7-Year Note Auction
I'm short but not filled yet, probably filled during the London session news boost.
I'll look to cover partially at 1.11337, but my target is way lower, in the vicinity of 1.09.
IvanLabrie
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Nice swing trade setup:
Sell, then wait for a buy post Greece expiration date.
75% tp at target.
IvanLabrie
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I'll short the euro today, excellent level to short for a couple days.
IvanLabrie
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Still bullish in the longer term, just a correction before more upside is possible.
Aiming for the support below, maybe a dip to 1.0847.
Stop above 1.135, entry today before US data release.