2 weeks ago we saw price break the bullish trend-line, creating a lower low. Last week we saw price retrace to retest this trend line.
In the coming week i think we will see price complete its test and then continue on its bearish trend to test the next major support.
Fundamentally, we have big US news this week, employment/unemployment rate & non-farm payroll. Employment & unemployment rates are predicted to be poorer than previous months. This may sway dollar sentiment to the bear side allowing the euro to gain strength and compete the retest or even test the upper channel line.. Therefore, I recommend taking this trade once the retest has been completed and price closes below the recently broken Trend-line. risk to reward ratio is 5.05
In the coming week i think we will see price complete its test and then continue on its bearish trend to test the next major support.
Fundamentally, we have big US news this week, employment/unemployment rate & non-farm payroll. Employment & unemployment rates are predicted to be poorer than previous months. This may sway dollar sentiment to the bear side allowing the euro to gain strength and compete the retest or even test the upper channel line.. Therefore, I recommend taking this trade once the retest has been completed and price closes below the recently broken Trend-line. risk to reward ratio is 5.05