Trading EURUSD ahead of ECB and a balancing to Dollar Index
In an earlier post, I posted on EURUSD and it’s possible 4 scenario. I also added that we need to look at lower timeframe to determine which direction it is heading. It seems that scenario 1 and 4 happened, thus making EURUSD sandwiched between 2 key levels.
If you have been following my G+ discussion on EURUSD, then EURUSD had a week close below point 2. Last week candle was a bearish shooting star.
Possible 2 ways EURUSD might move
1. There might be a retracement towards 11450ish region again (which i will not know that it will retrace) or
2. Price might head straight down with minimal retracement, thus march 2015 high of around 1.1050-80 can be a strong support
If this level is broken, then 1.08ish might come true, otherwise, if not broken, then 1.08ish will be a support for price to retest any marked resistant (either point 2 or either high of ED again).
#DXY and #eurusd inverse relationship (Analysis on 27 Aug 2015)
#DXY analysis on 31 Aug 2015
Update on EURUSD on 4 Sep 5.14pm, before NFP
Let me pen down my entry on EURUSD short, everything according to Tflow®. As long as it met my rules, I enter. My stand is I don’t want to miss a trade.
I’ve also written potential support above “thus march 2015 high of around 1.1050-80 can be a strong support”.
EURUSD low was 1.1087. I would treat that I miscalculated and that EURUSD support has reached. Thus ahead of NFP, I’ve taken profit on most EURUSD short positions and left minimal.