The markets appear to be pricing in QE and the impending rate hike from the Federal Reserve. The attached article explores this a bit. We have seen a massive depreciation in the Euro, and this will undoubtedly continue until 'liftoff' December 16th.
In particular, we see a brief retracement amidst an overall bearish trend. The bearish wedge formation indicates that this may be a great time to enter a short trade. Massive resistance from the ichimoku cloud will be hard for EURUSD to punch through, which may be why the OBV is showing a small amount of buying pressure but the price is still ranging. The MACD looks like its getting ready for a crossover, and the overall MACD/RSI combination supports the assertion that now is an opportune time to enter a short position.
In particular, we see a brief retracement amidst an overall bearish trend. The bearish wedge formation indicates that this may be a great time to enter a short trade. Massive resistance from the ichimoku cloud will be hard for EURUSD to punch through, which may be why the OBV is showing a small amount of buying pressure but the price is still ranging. The MACD looks like its getting ready for a crossover, and the overall MACD/RSI combination supports the assertion that now is an opportune time to enter a short position.
Join my discord at discord.io/quantguy