Hey Guys, We have analysed this swing trading opportunity on EU. This currency pair continues its bearish trend after breaking strongly through the support level of 1.17 last week. It consolidated slightly after this but not looks to continue its move lower creating lower highs. The target for this trade is 1.14438 with a 3/1 Risk Reward.
We can see that price is currently in an uptrend, heading to 1.0980: a key level, 0.618 of the latest weekly swing down, and completion point for an AB=CD pattern. Looking for a daily candle signal at this zone to enter any shorts, riding the wave up until then.
As per the usual daily trend over the past week (each day): (1) Rally, (2) Consolidation (3) Short, and then a Rally.
This week, we may see an immediate rally, as Friday shows bearish actions. But maybe it will bear before the bull.