Hello Fellow traders,
A lot happened on Friday, as expected the NFP came as expected and there was a tug of war between bulls and bears on what direction the price will go caused by a positive wage report stablizing the dollar. Anyway Here is my T.A
The Past few months EU has been on an overall downtrend but since the pandemic price has ranged between the Support and Resistance shown in the chart. Drawing trendlines above and below the swings... price has contracted. Recently respecting the support as well as the lower trendline and now the bulls are pushing price up towards 1.1... On Friday Price rallied upwards only to be stopped by the H&S Neckline resistance (in yellow), Here are my expectations;
Scenerio 1: If price breaks the minor resistance , i'll open a high probability buy order towards the resistance around 1.1
Scenerio 2: Sellers were so aggresive during the last session and if they push the market downwards breaking the trendline aad the Support, Will open a sell order with a stop a few pips above the support.
Remember
Risk Management is King.
Have a degree of Healthy Skeptism.
A lot happened on Friday, as expected the NFP came as expected and there was a tug of war between bulls and bears on what direction the price will go caused by a positive wage report stablizing the dollar. Anyway Here is my T.A
The Past few months EU has been on an overall downtrend but since the pandemic price has ranged between the Support and Resistance shown in the chart. Drawing trendlines above and below the swings... price has contracted. Recently respecting the support as well as the lower trendline and now the bulls are pushing price up towards 1.1... On Friday Price rallied upwards only to be stopped by the H&S Neckline resistance (in yellow), Here are my expectations;
Scenerio 1: If price breaks the minor resistance , i'll open a high probability buy order towards the resistance around 1.1
Scenerio 2: Sellers were so aggresive during the last session and if they push the market downwards breaking the trendline aad the Support, Will open a sell order with a stop a few pips above the support.
Remember
Risk Management is King.
Have a degree of Healthy Skeptism.