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I think we are heading lower and maybe close the gap at 1.08. It is interesting to look at the weekly and compare it to the interest rate changes in the ECB and FED. The big decline in 2014 as the ECB's eased while the FED was still holding zero. then 2015-2016 range bound as ECB was at zero and FED started to raise rates. Then 2017 was the reflation theme for the US (big tax breaks aka stimulus & more debt) then reality bites with continued FED increases. Also fwiw, the DX looks like its either in a expanding funnel top or a ill formed bull flag.
Noticed on the weekly chart that price is sitting just below the neckline of a head and shoulders pattern.
The bulls have been rejected on the 4 hour when price tried to go higher.
Technically its a bear flag on the 4 hour. Perhaps another short setup? I am hesitant to take this trade because of price movement over the past 24 hours.
Edit: actually, except for the one bar there have been higher lows on the 4 hour chart since yesterday. This could be a sign of breakout. I always have trouble reading this.
Just tapped in to all the liquidity running out the highs around 1.14650, let's see if this thing is gonna turn around. I'm short from right at the top...
LOL you're right, not wanting to hold over the weekend, thought better of it and didn't put the order in. Nice spot to try a short in just about any other situation though.
Being able to describe something in enough detail that someone else can understand it has never been one of my strong suits. My dad is a teacher my sister is a teacher but it completely skipped me. LOL! Now, that doesn't mean I won't give it a shot. Might even be a good thing for me to write it out in detail. Give me a bit of time to at least attempt to organize my thoughts and I will post a PDF here in this thread once I do. It may take a few days to get it where I feel comfortable posting it.