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This EUR market has all potential to fall.
Fundamentals does not found goo fate for economy health improvements.
Indicators points downside.
Seems it's time to sell but without stop orders. You have to entry on hourly charts. Maybe with some sell order but within hourly data.
So. What to do?
I see market consolidation on hourlies with an active London open. This picture hardly can become an U.
Hello
Please, see the next chart. Chris Morteson is also talking about this pattern but this is my opinion. Reversal maybe?
Let's study this without indies, first
Resistance is broke, but volume isn't following the trend. There is an amazing divergence just in front of us.
Previous peaks were following the volume changes, but that trend is not present with the last move.
It's true resistance was broken but these levels are not fixed. Sometimes couple hundred points mean nothing. Just some fail.
But we can just ignore the index is inside a channel since first days of 21th century
If channel theory valid, the market is on the upper level and the rebound is just matter of time.
However, all this technical thought is confronting the fundamental analysis. However, this index is company based and besides the US economy has received several good news. Unfortunately, US companies are currently shadowed by many foreign others. Along with foreign indexes growing in importance and maybe that's the cause of volume decreasing.
At this point seems the technical and fundamental analysis just divorced.
Set your sell orders just after resistance test 1.2840. This move will make at least 150 pips after break.
Target 1.2700
Wait! do not close the position. Price will touch the black line.