Open trading account 
After the big drop in GBP today, I had to re evaluate my long in EURUSD. But after looking at some of the cross rates my conviction remains bullish on the EUR.
There is no doubt that the momentum remains to the downside. And of course the better trade is shorting from higher levels. But here are the reasons I remain on the long side
When there is such a confluence of signals from a multitude of pairs supporting the same view, it's hard to change bias.
I've added a USDCHF short, and a EURSEK long. My only concern once again, is the over the weekend cut off, and I will be taking something off the table if margin levels aren't met.
There is no doubt that the momentum remains to the downside. And of course the better trade is shorting from higher levels. But here are the reasons I remain on the long side
- EURAUD - has completed the Head and Shoulder's pattern on the daily chart
- EURNZD - trading in a channel, and has had a strong bounce from the bottom of channel
- USDCHF - heavily correlated pair showing a bounce of an important FIB level with RSI Divergence
- EURJPY - bouncing of major daily trendline
- EURSEK - Wave count shows the leg down to be too shallow, however completed. One leg up is still required to form the B wave before the next C leg down
When there is such a confluence of signals from a multitude of pairs supporting the same view, it's hard to change bias.
I've added a USDCHF short, and a EURSEK long. My only concern once again, is the over the weekend cut off, and I will be taking something off the table if margin levels aren't met.
