EUR/USD Forecast: long then short

Here is an update on EUR/USD

RECAP: (Previous Analysis)

In our previous analysis EUR/USD was trading at 1.19240
We were bullish on the pair and expected it to test resistance @ 1.19500 & this is what the pair did
however the pair touched 1.19500 & immediately fell triggering our Buy Stop @ 1.19500
forcing us to open more Buy orders @ 1.19
Finally the pair did manage to hit our TP thanks to FOMC enabling us to bank over 3600 pips on the pair


WHAT TO EXPECT:

Currently @ 1.19800
We expect the pair to retrace back to that resistance @ 1.19500 & hope it turns to support
But the pair could still continue its uptrend & test the 1.20 level before retracing
Bearish Harmonic pattern is currently being formed on the 30M chart which is signaling a
possible reversal
(Note: Looking at the past events EUR/USD tends to be bullish then erases all its gains after the FOMC)

OUR POSITIONS:

Buy Stop @: 1.20100
Buy Stop TP @: 1.20300
Sell Stop @: 1.19400
Sell Stop TP @: 1.19200

link to our previous analysis below

Note: All investments involve risk, our analysis and trading strategy does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make