EURUSD, one more push down before take off.
EURUSD has been slowly correcting down to a larger fib that is at play, which is the 78 Fib. What leads me to believe that this is at play is how it is moving down and that fact that it is in correlation with a bullish channel.
Many traders may see a triple bottom on the Daily tf, expecting this to finally take off, however, we have to remember a key element, mass psychology. What do most traders see and what are most traders trading? This is what the big banks will take advantage of.
We are currently moving in a corrective manner on the Daily tf, already seeing some weakness with 2 dojis. A 3rd touch of the upper TL will be ideal, however, a DT on the 1H has been formed, so I will not be surprised if it takes off to the downside now.
Expecting the bullish rally between 1.081-1.078
Many traders may see a triple bottom on the Daily tf, expecting this to finally take off, however, we have to remember a key element, mass psychology. What do most traders see and what are most traders trading? This is what the big banks will take advantage of.
We are currently moving in a corrective manner on the Daily tf, already seeing some weakness with 2 dojis. A 3rd touch of the upper TL will be ideal, however, a DT on the 1H has been formed, so I will not be surprised if it takes off to the downside now.
Expecting the bullish rally between 1.081-1.078
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