Market Updates EURUSD Daily Forex Analysis: 1.3585 Broken But Not Closed Below...Yet
| EURUSD Daily Forex Analysis: 1.3585 Broken But Not Closed Below...Yet |
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I will be maintaining my EURUSD short positions for the time being. Last week’s break of 1.3585 that set a new yearly low at 1.3531 keeps me optimistic about further losses. I t would be great to see dramatic losses like we have seen in the last few weeks, but I think those days might be over for now. It's difficult for a pair to maintain that kind of trajectory for long. But we haven't seen much in the way of retracements along the way either. The longer retracements get put off, the more severe they may become under both profit taking, and pent up buying. The first stop along the way higher may be the red descending line. The hourly chart may be a bit short sighted, given the moves we've seen lately, but the first signs of fatigue will show up in choppy hourly action as the pair may begin to put in more shallow moves lower. In addition, some big moves lower may get reversed quickly producing candles with long lower wicks. I'll be watching for signs that the pair is becoming tired and unable to take on the new yearly low. Sufficient sings won't send me long but may convince me to take some profit off the table.
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