The "justifiable entry level" I was waiting for unfolded at around 1.0579, where I see the bears as having finally gained the upper hand... (1.0587 was yet another defensible potential threshold I had under consideration for when it might make sense to sell EURUSD.)
Everything I'm seeing at the moment says to pocket gains now, at 1.0532, and wait for the next pullback to catch the next leg south. (Though a buy-and-hold approach is supposedly more profitable in the long run, that has not been my personal experience.)
Eur looks weak, but I still feel it will manage to come back to form a sort of rally, but eventually, it will go down hard, there is a lot of overhead supply above.
For me, this simply represents the initial stage of the pullback I referenced above, with the upcoming leg south, IF it ever unfolds, not even a shadow in the mind of price action at the moment...
Eur shoot right back on top, nice, as I expected, but everything is still within the context of my prediction, sure there is some difference here and there, but you got my point Currently, I am still looking for that weak rally, I got some idea of how it's going to evolve, we will see. Please don't be short at the bottom of this trading range, no matter how good the setup looks, for some reason, now the market like to show strength on the bottom, nobody fights the market right?
Last Thursday, right before NEP, I turn from a firm sp500 bear to a firm sp500 bull in about 10 minutes
ECB still has more work to do in taming inflation compared to the FED. So I'll like to stick with the presumption that this rally can go higher and maybe fueled once we start to see significant decrease in the Ukraine war or loosening of jobs in the US becomes apparent and we're far from that especially for the latter. Bearish trade most likely would occur considering markets have to retrace but definitely not long term. Maybe a few days