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I know this is off topic here but just was looking at usd/jpy and it sure looks good to go on the upside....to 103 I would guess anyway.
Euro is going to drop below 3500 ...looks like to me. At some point would look for a return back up to 3675 after it takes out that engulfing bar(6/5) on the daily.
I would like to share with you some charts with fractal - Fibonacci lines (fibos) over the €/$.
I've choosed a center in 1,3760 because os some reasons, the most weighted of them, that VWAP converges at this point in some footprint charts I did.
So, centered in 1,3760, going to down, and with large historical, I get this original projection:
To see more of this fractal, in short historicals, I have applied the rule that each primary line is capable of being another center. There is no drawn all the subfibos, just the ones of the 1,3579 fibo, to get subfibos up and down from it without exceed the next fibos, and not all subfibos because there are several subfibos very very close to the center, that I think they only makes confused the chart.
In this conditions, from about May 8:
subfibos are light Blue
And there is a great pending subject: obtain a pattern of how the bug walks through the fractal...
I concur, if you are talking about the tail that formed on the bar because of the ECB announcement. It sure is in no hurry to get there though. So why are you long after 3500? It would seem that short term it has a short trend, and the "rhetoric" fromECB is that they are trying to do what ever it takes to lower the value of the euro. But yea, technical chart analysis would tend to suggest to me a hard bounce long after 3500-ish.
I'm just going by past experience...the engulfing bar doesn't seem quite low enough to stick therefore it looks like a trap but often times after it gets taken out it will return to the other end of it.
That's not to say it will get taken out by three ticks or something before it comes back could be a hundred or more for all I know...the key is to spot the reversal and look to take profit at the top of that bar...there is potential for more than that but that's the safe pay.
From #2074, the fractal center has been moved up 4 pips, to 1.3764.
Also, more lines of the fractal are drawn (because more zoom is applied).
The lines wants to suggest levels where the price tends to stop unless it arrives very strong, in which case probably it continues.
Dark blue lines (just two here) are primary lines of the fractal ("Fibo0s")
Light blue lines (many more close to Fibo0s) are secondary lines of the fractal ("Fibo1s"). They begins in a Fibo0 and they don't exceed next Fibo0 they find in his way.
Currently, the approach to locate a initial fractal center was (in few words) a VWAP convergence. Any idea about where to locate a initial fractal center would be welcome like any other comment .
Added Fibo1s of the Fibo0 1,3652, up and down from it because level 1 fibos for this Fibo0 were still unpainted. Of course, they respect the established pattern:
.