Channel trading, I would say.
The pair has decided to go the channel route. Somehow, that Head and Shoulders isn't working yet. The pair isn't having those major sell offs. I wonder if this pair will decide to drag a lot by ranging within that channel? Who knows.
I recommend to keep an eye on this channel. Any close below or above it could give us some good entry points either LONG or SHORT. Unless you would like to trade within the channel. Could be a good idea as well, but don't forget the previous highs and lows levels, that could interfere a bit with your channel trading.
At the moment, the first thing that you need to watch out for is, will it get back above the neckline or not? You can check out the levels in my previous post on the EURUSD that I did about the H-a-S formation (2017.10.13). I think that neckline will be the most important level for all the traders this upcoming week.
If it will manage to stay above it, then, probably, scrap the whole H-a-S idea.
But if it will stay below it, then I would need this pair to get back and test last week's low of 1.15542 in order for me to believe that there is some potential for this to go lower.
I think this coming week will be very important for the Euro, especially with the GDP, Trade Balance and CPI numbers coming up on Tuesday, Wednesday and Thursday respectively.
As always, keep an eye on the price action!
The pair has decided to go the channel route. Somehow, that Head and Shoulders isn't working yet. The pair isn't having those major sell offs. I wonder if this pair will decide to drag a lot by ranging within that channel? Who knows.
I recommend to keep an eye on this channel. Any close below or above it could give us some good entry points either LONG or SHORT. Unless you would like to trade within the channel. Could be a good idea as well, but don't forget the previous highs and lows levels, that could interfere a bit with your channel trading.
At the moment, the first thing that you need to watch out for is, will it get back above the neckline or not? You can check out the levels in my previous post on the EURUSD that I did about the H-a-S formation (2017.10.13). I think that neckline will be the most important level for all the traders this upcoming week.
If it will manage to stay above it, then, probably, scrap the whole H-a-S idea.
But if it will stay below it, then I would need this pair to get back and test last week's low of 1.15542 in order for me to believe that there is some potential for this to go lower.
I think this coming week will be very important for the Euro, especially with the GDP, Trade Balance and CPI numbers coming up on Tuesday, Wednesday and Thursday respectively.
As always, keep an eye on the price action!
