EURUSD is showing some signs of weakness.
Momentum have been strong previously and we can se that the momentum is losing its strength with a Range zone.
I expect the price to break the Range zone and could see downside to 1.20348 before retracement back to 1.20807.
The trade can be entered now With SL at 1.23563 and TP at 1.20348
as explained on my Dax chart from today. We have very thin calendar for the Euro, and a strong macroeconomic data from the US which have consensus of positive numbers.
Further statement on the Trade war between US and China can also have a negative effect on the USD as less currency notes will have to be exchanged to USD from CNY. and therefore the USD will have less demand and more supply and can be driving the prices down. While on the other hand we have a lot of FOMC speakers this week that can give the Dollar a push up.
in Best case scenario for the short trade the price can go down lower to 1.18773 which it also 0.886 on fibonacci level
Drawn from 0 to 1.1
If you look at my previously analysis of the EURUSD from Mar 25 2018. You will se a triangle formation, and further comments on the economical data. the chart is stil in function until the weeks end Friday the 13 April.
Momentum have been strong previously and we can se that the momentum is losing its strength with a Range zone.
I expect the price to break the Range zone and could see downside to 1.20348 before retracement back to 1.20807.
The trade can be entered now With SL at 1.23563 and TP at 1.20348
as explained on my Dax chart from today. We have very thin calendar for the Euro, and a strong macroeconomic data from the US which have consensus of positive numbers.
Further statement on the Trade war between US and China can also have a negative effect on the USD as less currency notes will have to be exchanged to USD from CNY. and therefore the USD will have less demand and more supply and can be driving the prices down. While on the other hand we have a lot of FOMC speakers this week that can give the Dollar a push up.
in Best case scenario for the short trade the price can go down lower to 1.18773 which it also 0.886 on fibonacci level
Drawn from 0 to 1.1
If you look at my previously analysis of the EURUSD from Mar 25 2018. You will se a triangle formation, and further comments on the economical data. the chart is stil in function until the weeks end Friday the 13 April.