Euro Dollar Forex Pair

Euro Dollar Forex Pair

It is time to take another look at the Euro Dollar Forex Pair from the 30,000 foot level. The quarterly graph displays two prominent features. First, the 6½-year descending triangle top completed in Mar 2015 has an unmet target at .8670. Second, the decline in Mar 2015 found strong support at the 45-year trendline.

The weekly graph displays a 19-month congestion (rectangle on futures continuation graph and a slight symmetrical triangle on the spot chart) that has formed just above the 45-year trendline. If completed on the downside this 19-month congestion would indicate a target of .9630. The weekly and daily graphs also show the completion – as of this past week – of a possible 6+ month H&S top pattern with a target of 1.0428. The 8-week descending triangle on the daily graph (marked in red) has met its target. Factor is short spot EUR/USD, having taken partial profits this past week.

At this point I am inclined to just hang onto my current position and see how things unfold. But, we may be nearing the point of a serious breakdown in Euro Dollar Forex Pair.

Yet, there is a chance this decline can find support under 1.07. I have a desire to extend my short leverage, see daily chart.

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