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I haven't read a lot of your thread here but it seems pretty good.
I just had a couple questions....do you have projections on where price will end up ?
I have 1.2844 as a resistance level...do you expect that to hold or get taken out or no opinion ?
Price is random but we will know what to expect when an equilibrium is broken and not before that. The current bigger equilibrium is 12660 - 12790 - 12920 and as shown in our previous posts that price will pave the dotted rectangle once it went above 12819 and it is now doing actually that.
The attached chart 2 show that the current BP 12818 is lower than the previous BP 12828. If price break below 12818 it will paved the lower green dotted rectangle but if it break above 12847, it will pave the upper yellow rectangle.
For the retracement, euro continued it downtrend. Attached is the chart showing a potential trade.
Time frame = intraday
Trend = down
Entry = below 12818
Stop = above 12828
Target = 12687 (we can and should use trailing stop to max our profit taking)
Update:
new eq: 12672 - 12652 - 12632 so move stop to 12672
Update 1:
new eq: 12623 - 12652 -12681 since previous stop is 12672, keep it.
The chart show what is the "invisible hand of the market doing" for EURUSD, the big trend is still bearish and it is now building up the upper part of the current equilibrium before continuing the down trend.