Sive Morten
Special Consultant to the FPA
- Messages
- 18,564
Good morning,
So, yesterday 4H grabber has made the day. Initially we've treated it as small concern, but, as soon as it was confirmed - it has prevented any attempts to go long.
Today we will take a look at Dollar index, but you could spread this analysis on EUR as well. I like DXY more right now, as it has better picture and it is better agreement between different technical tools.
On daily chart we have thrust down and now DXY stands at Fib level and OB area. This is potential situation for deep 5/8 retracement, somewhere to 89 area. In fact, here we have as bearish "Stretch" as B&B "Sell" at the same time:
At the same time, on hourly chart major XOP target has not reached yet and within few hours this should happen. Upward action could be finalized by minor butterfly "Sell" pattern. This is chance to go short:
So, yesterday 4H grabber has made the day. Initially we've treated it as small concern, but, as soon as it was confirmed - it has prevented any attempts to go long.
Today we will take a look at Dollar index, but you could spread this analysis on EUR as well. I like DXY more right now, as it has better picture and it is better agreement between different technical tools.
On daily chart we have thrust down and now DXY stands at Fib level and OB area. This is potential situation for deep 5/8 retracement, somewhere to 89 area. In fact, here we have as bearish "Stretch" as B&B "Sell" at the same time:
At the same time, on hourly chart major XOP target has not reached yet and within few hours this should happen. Upward action could be finalized by minor butterfly "Sell" pattern. This is chance to go short: