With news last week, we saw the Euro go past it’s usual level of support of 1.26 and 1.121 to close on Thursday at 1.11. We can currently see it push back up but from looking at the charts it will most likely go to restest previous support and get rejected which corresponds with the .618 fib level and will be around the vertically drawn trend line. With the previous support being broken this could continue its bearish trend which started from April last year and With it closing into that wedge, this week could be decisive of what trend the pair will take.
DISCLAIMER
My Ideas are mine and mine alone and are only to provide my perspective of the current market situation. Do not take my posts as trading decisions for entries or exit. Trading the FOREX market is very risky so indulge in it at your own risks!
DISCLAIMER
My Ideas are mine and mine alone and are only to provide my perspective of the current market situation. Do not take my posts as trading decisions for entries or exit. Trading the FOREX market is very risky so indulge in it at your own risks!