It's going down baby! I said this from the start... It might head up at the start of next week, but after that, its going to hell. Have a good weekend everyone. -Kastro
Looking to buy tomorrow. I think we will see a nice jump up, then who knows?. Probably start trading in a range for couple days, then drop again.
Heh...no problem. I just thought you were serious. As for the next week, it's Fed week. Traditionally you see a EUR downmove until the storm passes. Be careful of initiating longs until this market settles. There are plenty of cross pairs to play on a technical nature without the risk of the USD.
However, generally a triple bearish divergence creates the best opportunities for extended downtrend. Triple divergence at 122.91
Although I am having some fun with my prediction of Euro to 1.000, I certainly don't think we will see it next week. However, I am targeting 1.1000 as the next stop and then finally onto parity at 1.0000.
That is a nasty triple bearish divergence on the dailys. Not to mention the H&S formation on the weekly. I am not just looking for a good opportunity to go short before the bottom drops out of it. There was such a huge drop friday I hate to short after a day like that. Maybe we will consolidate for a few days then the down move will continue. Regards Steve