EUR/USD: Potential double top
The double top formation is spotted out on EURUSD 0.01% daily chart , while bears heading for a test of support at neckline.
The pair forms top 1 at 1.2538, top 2 at 1.2555 and neckline at around 1.2206 levels.
Upon breach below the neckline, the price slumps are likely to extend further as current prices slide well below DMAs with bearish crossovers & intensified bearish momentum.
Trend indicators (DMA and MACD ) evidence bearish crossovers that signal downswings to prolong further in the days to come.
While leading oscillators ( RSI & stochastic curves) show downward convergence constantly that indicates the strength and the intensified momentum in the prevailing selling sentiments.
On the contrary, the bulls spike well above EMAs hits 3y highs (monthly plotting), however, unable to sustain these levels, while both leading & lagging indicators on this timeframe signal strength in the uptrend.
At spot reference: 1.2238 levels, contemplating bearish sentiment on intraday terms, on trading perspective, it is advisable to buy tunnel spreads using upper strikes at 1.2250 and lower strikes at 1.2180 levels. Thereby, the intraday speculators can eye on southward targets about 50-70 pips. The strategy is likely to fetch leveraged yields as long as underlying spot FX keeps dipping but well above lower strike before the binary expiry duration.
Alternatively, at the same spot levels, we advocate arresting bullish risks by initiating longs in futures contracts of mid-month expiries by keeping a strict stop loss at around 1.1982 levels.
Currency Strength Index: FxWirePro's hourly EUR spot index is displaying shy above -30 levels (which is bearish ). While hourly USD spot index was inching towards 71 ( bullish ) while articulating
Credits: @FXTrader
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Thanks for Reading!
How confident are you in this? ... I was thinking the same but am second guessing myself
I'm not secure, I just play the numbers and get involved into profitable risk reward ratio trades
This post has received a 9.91% upvote from @aksdwi thanks to: @luiggih.
Good analysis of the dollar's trend. Weakness will do wonders for my large gold/silver/resource portfolio...
Gold and Silver are always a solid investment. You should expect around 5-10% annually in an overall average scenario in the next 100 years.
@luiggih- do you only trade or do you maintain a portfolio of stocks? If you want some really incredible resource positions, let me know and I can share... The average uranium stock went up 20x in the last bull and some went much higher. I expect my gold/silver/copper/uranium/etc. portion of my portfolio to be 10x by the time this resource cycle is over.
Yes i would be very interested.
I have a portfolio of stocks but at the minuto don't feel confident enough to show it off here on steemit (I'm more focused in crypto here)
I'll be showing my crypto portfolio soon. At the minute i'm scalping my whole account into quick trades in crypto till bitcoin stabilizes again.
How can I hit you up with a private message??
I did a search and it looks like steemit.ch is what's available.
https://steemit.com/steemit/@firepower/dummies-guide-to-using-steemit-chat-effectively-everyday
I'll have to sign up. It looks like it's separate from steemit and you use your email address and take out a password.
Maybe it's easier to write me at:
morseke1 then @ then yahoo.com
I have some incredible positions I can share with you and I follow every press release they put out, etc.
Gold and silver are particularly good on the upside of their cycle:)
I have a friend who invested money with a guy who put it all in gold/silver mining positions. What an amazing run from 2001 to 2011. He was up like 200%. Problem is, he never move it out after 2011 and let my friends account follow the downside correction that always follows a bull market in resources. I think he took a 40% + hit on his portfolio. I strongly suggested that if his financial advisor didn't understand that gold and silver are highly cyclical and with a normal complete cycle about every 8 years, he should seriously look for a smarter advisor:)
Holding positions is easy but your financial advisor can't get lazy: it's important to consolidate those profits and put money into your pockets after a succesfull trade!