Good evening Forex Traders,
Tonights chart is of the Euro, which I last posted on the 28th August in the blog titled ‘Two weeks review’. In that post I said I was holding off the possible push to the VI as confluences where missing, but today may see some of those confluences put in place, ( with the bullish bar at the time of writing ).
Although this would be an aggressive trade, due to the bearish bias, a bounce at least could be seen due to the higher fibonacci breather having been tagged, the possible bullish flag on the HTF and the short term convergence on the MACD and GetStochastics supporting a push north with the FB being in the OB zone, but again not quite there for me.
T1 here would be before the VI but to get there a break of the former R/S zone and 1.3000 figure would have to be breached, and so with NFP out on Friday this may just be a false direction break as price is tagging the TC on both TF’s, so we shall have to see, but things are beginning to look interesting for a move either way here.
Also one to take a look at is the EURTRY as this has possibly pulled back to test the neckline of the recent H&S pattern with a hanging man candle formation today, again at the time of writing, and therefore may be in a position for a continuation south ?
Charts courtesy of AdvancedGet.
Good luck.
Clayton Farnworth.
