Topic: Top trade idea for September 29th, 2016 – EURUSD
Despite the general belief that the EURUSD is going to the moon, as it is extremely well-bid, my take here is that at least a move lower to mid-1.10 area is in cards.
What I’m looking for here is the end of a contracting triangle as part of a terminal impulsive wave and that triangle needs to break lower. Such a break lower should drag the overall US dollar higher and judging by the chart above, we already might have an impulsive move to the downside.
It is too early to tell though as the e-wave may still not be completed. Nevertheless, it is a nice rr ratio to sell from around current levels with 1.1280 stop loss and target mid-1.10 area.
GDP in the United States today is going to be interesting as well and we may have the spark we need for such a move.
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