EURUSD and other USD pairs completely reversed the trend mainly due to USD weakness then their own strength. It creates some uncertainty for swing traders and short term traders whether totake long or short positions. Situation is 2 fold at this point. EURUSD can be traded both ways. ECB is expected to extend QE programme beyond 2016 and FED probably will not hike in 2015 as i already explained. Of course there is always a scope for a surprise but that is how i see things now.
Technically speaking EURUSD has made a W pattern and we can see clearly 1.1460 resistance, as i stated a lot of times- 1.1460 IS important resistance. Mid term if W target is achieved EURUSD could reach 1.1580 then if 1.1640 holds we should see a drop towards 1.0900-1.0800 as I explained in my Fxstreet interview. A failure to complete W pattern might result in short term selling towards 1.1310-30 confluence zone ( WPP, L3, 50.0, previous breakout-retest point ) where EURUSD could be bought towards 1.1460 and 1.1580 if 1.1230 stands strong.
I have marked bot MID term and SHORT term views with different colors ( Red arrow/fib for short term, black arrow/fib for mid-term ).
Technically speaking EURUSD has made a W pattern and we can see clearly 1.1460 resistance, as i stated a lot of times- 1.1460 IS important resistance. Mid term if W target is achieved EURUSD could reach 1.1580 then if 1.1640 holds we should see a drop towards 1.0900-1.0800 as I explained in my Fxstreet interview. A failure to complete W pattern might result in short term selling towards 1.1310-30 confluence zone ( WPP, L3, 50.0, previous breakout-retest point ) where EURUSD could be bought towards 1.1460 and 1.1580 if 1.1230 stands strong.
I have marked bot MID term and SHORT term views with different colors ( Red arrow/fib for short term, black arrow/fib for mid-term ).
The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.
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