EUR/USD has formed a pair of shooting star bars on the H4 time-frame at the last high at 1.1960, so we might see a temporary retracement before the pair continues moving to the upside, as the trend remains very bullish for now.

There's a pullback from 1.2070, let's see how long it will last. So far there's no indication the overall bullish trend is over.

mlawson71 wrote: Wed Aug 30, 2017 10:15 pm There's a pullback from 1.2070, let's see how long it will last. So far there's no indication the overall bullish trend is over.

It could be the begin of the retracement. According to EW-theory the raising recent movement from begin of this year is a Leading Diagonal (LD) and so the wave 1 or A, in both cases a new trend. The question just is how deep will the correction 2 or B dive in. I guess regarding to the long consolidation and its shape and the political theater in the USA and their foreign affairs the 38.2er retracement is most likely.


On Friday is NFP, after that release we will know more.

EURUSD - 1.1815/25 may looks good for some short term scalps from the long side of the market

EUR/USD also formed a shooting star bar on the daily time-frame at 1.2070, so the correction might end up deeper than expected. I think next target is around 1.1700.

The US Non-Farm payrolls were announced earlier today but all they caused was a whipsaw and the tight sideways consolidation continues. It is unlikely it will end before the market closes this week. That said, once it does end there will probably be a new move to the downside.

Whatever the fundamentals, however, the technical analysis hasn't changed - there is still a shooting star candlestick at 1.2070 on the daily time-frame and that signal for a move to the downside is still valid.

EUR/USD - is on strong uptrend on daily chart. The ECB's press-conference may led to some sell-offs, but lets see

Looks like it is beginning to sell off

dsoul wrote: Tue Sep 05, 2017 5:59 pm Looks like it is beginning to sell off

It really does, but at the same time the pair is still stuck in a tight consolidation. We'll probably have to wait for the fundamentals that week to end it.