Forex EUR/USD Daily Video, June 15, 2020

[Sive Morten]

Good morning,

EUR keeps positive mood but can't continue upside action immediately due strong resistance. Thus, we plan few trades on EUR retracement to lower levels:

 

[Brett Reynolds]

Not looked at DXY for a while..but general consensus is $ weakness going into future!?

 

[soul rebel]

Greetings Sive
It appears the second scenario you mention in your update is currently underway. EUR has proceeded to H&S pattern and has turned after hitting 618 resistance. Do you suppose the larger AB-CD OP target of 11143 is likely to be hit.
I have taken a short position at 11340 and wonder how best to act.

 

[Sive Morten]

Greetings Sive
It appears the second scenario you mention in your update is currently underway. EUR has proceeded to H&S pattern and has turned after hitting 618 resistance. Do you suppose the larger AB-CD OP target of 11143 is likely to be hit.
I have taken a short position at 11340 and wonder how best to act.

Hi mate,
For our major trading plan H&S is not as important, because we're watching for long trade from 1.1187. But as you've taken short - it would be better to protect it with b/e stop and control neckline breakout. Any hints on H&S failure it would be better to book profit.

 

[soul rebel]

Hi mate,
For our major trading plan H&S is not as important, because we're watching for long trade from 1.1187. But as you've taken short - it would be better to protect it with b/e stop and control neckline breakout. Any hints on H&S failure it would be better to book profit.

Thanks Sive
After posting the question yesterday I reflected on the position I had taken realising it was not part of our trading plan as you suggest, so following your advice I closed 50% to book profit and moved stop to break even on remainder.