A quick update on what we are looking at EUR/USD.
It seems like market recovery for EUR/USD but take a look on a bigger picture. Market looks like it is in a big Bear Flag. Slowly inching up the Fibo Retracement from the big drop since May last year.
Currently, it is moving in a channel which looks like a Bear Flag. So far, Fibo 23.6% has been breached but Fibo 38.2% seems to be holding it. If 38.2% can be breached, we will be looking at the bear flag to continue if the Bear Flag resistance holds.
Nonetheless, since this is a macro picture, there will be trading opportunities within this Bear Flag but be careful when price action reaches critical levels or price line like Fibo Retracements levels and Bear Flag support and resistance levels.
If at anytime soon, market can break below the Bear Flag, we will be looking for a drop continuation from previous drop. If not, we will only stick to quick in-out positions.
Trade carefully everyone, market is a little crazy these days and always remember, market is always correct. Do not attempt to break it, the house never lose =^_^=
