Thought i better get off my lazy behind and do some analysis now i have a much better understanding of the FX markets. I have been hearing many different opinions and am choosing to follow my own as some times to much noise can be distracting.
Anyway this month has been so interesting to see how changes in the currency market can affect the stock market and inter linking them in the future is something i think will help my trading 10 fold im glad i have taken this course really learnt a lot.
Sometimes i have different opinions to my coaches but i guess thats the beauty of trading.
Anyway this is something i have been thinking with the euro...
This First chart is just a short term thing showing the 55EMA which has been capping price the entire way down, This is something i am really watching and am thinking price is going to retest this EMA
This is one of the reasons i think it might have a bit of a retracement (from the down trend) There is strong divergance on the weekly chart as seen here between price and the MACD and the Stochastics
Anyway this last chart is just a Fib of the drop. I have my targets and general plan.
I think the Euro long term will go lower as those fundamental problems are just something you can't ignore and im sure many people (hedgefunds) Are not ignoring. Certainly it could rise up but im guessing it will just be another opportunity to get short as this trend is still well and truely down.
Anyway i will try post more regularly!!
:)
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