Short trade for now, but price may range during May.
The EUR would weaken this week, but will bounce at the support level on the 0.382 (1.09832) Fibonacci Retracement level. The price would then range during May with a strong resistance level at 1.11944.
This ranging price during May/June is supported by the Downtrend - Uptrend - Range pattern seen since January.
The very small difference in the price range at which the price fluctuated also confirms the pattern.
Therefore, going short for this week would be the most sensible choice as the EUR would weaken until it bounces at the support level on the 0.382 Fibonacci retracement level. Hopefully, this would lead to an uptrend which would not break through the resistance level at 1.11944, so the price would range.
This ranging price during May/June is supported by the Downtrend - Uptrend - Range pattern seen since January.
- In February, the price ranged at 2.31%.
- In April, the price ranged at 2.46%.
- In May, the price is predicted to range at 1.88%.
The very small difference in the price range at which the price fluctuated also confirms the pattern.
Therefore, going short for this week would be the most sensible choice as the EUR would weaken until it bounces at the support level on the 0.382 Fibonacci retracement level. Hopefully, this would lead to an uptrend which would not break through the resistance level at 1.11944, so the price would range.
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