We've asked our friend Jim Robinson of profittrading.com to provide his expert analysis of charts to our readers. Each week he'll be be analyzing a different chart using the Trade Triangles and his experience.
Today he is going to take a look at the technical picture of the EURUSD Pair. (EURUSD).
I hope you are having a GREAT week !!!
The EURUSD looks to have made a double top, which was probably a counter trend correction, and is breaking out to the downside.
When counter trend corrections are over, it will normally lead to a big move back with the main trend, so odds are that if the EURUSD continues lower it could be a big move.
All 3 Market Club Trade Triangles are pointing down which is extremely bearish and definitely puts the odds with the lower prices from here.
The EURUSD looks to be a great Chart to Watch right now, as a big down move may just be starting to unfold.
Thanks,
Jim Robinson
Profit Trading.com
Fundamental situation in Europe will drive the market down this year to test 12000. Once the run in the Yen is over, money will flow to the next weak target available: the EURO.