Euro / DollaroShort
EURUSD short in play.
Aggiornato
This is the second major bearish flag pattern on EURUSD we are witnessing this year. This is a textbook short setup with a downside target of 1.1030. Many traders prefer to see a break out of the triangle before taking a position. I prefer to be more aggressive and short here with a stop outside of the triangle to the upside. I am a swing trader on 4hr timeframes so this pattern is expected to play out over a longer period of time.
Keep in mind that non-farm payrolls are out in the US today so increased volatility is expected when those numbers hit. I suspect the real break out of the triangle will only happen next week though. Fundamentally the dollar remains strong with higher interest rates compared to the Eurozone. Buying dollars remains a good strategy for the next year or so, particularly against low yielding currencies like the CHF and JPY.
Keep in mind that non-farm payrolls are out in the US today so increased volatility is expected when those numbers hit. I suspect the real break out of the triangle will only happen next week though. Fundamentally the dollar remains strong with higher interest rates compared to the Eurozone. Buying dollars remains a good strategy for the next year or so, particularly against low yielding currencies like the CHF and JPY.
Nota
Unfortunately, this trade has been stopped out as price has moved above the triangle. I am not keen on taking a long here as the longer term trend remains bearish. I remain neutral for now and watching the price..Nota
Hilarious. EurUsd being sneaky. A false break above the triangle no doubt stopped out many shorts. The price has since broken down and we should see the trend resume downwards..
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