EUR/USD trading talks November 11
Continuing the chain of posts about the Euro Dollar.
If you read the title of the previous post: “EUR/USD will try to continue rising after a short-term correction” then this would already be enough to use in trading. Fed and ECB, do you follow my blog? The pair fell to 0.99350, which is lower than I predicted (1.0000). After that, the market turned around and started a strong impulse growth and breaking through the resistance of 1.00930, it reached the level of my forecast of 1.0200. But the market did not stop there, so now we see that it is moving steadily towards the target of 1.0380 EMA 200 on the daily chart, and I believe that this level will be reached during the current wave of growth or during the final third wave that will follow after the correction. I suppose that the historical resistance levels of 1.03230 and 1.03670 may be the final point for the current impulse and the beginning of a short-term correction.
The MACD signals on four hours chart has strong buy direction as well as on Daily chart. The hourly chart MACD indicator shows not so confident buy signal, with a slight divergence and RSI in overbought area. It means that the market is ready for short term correction decline.