EURUSD - My thoughs for the week.
Updated
Hope everyone had a nice weekend, we are now back to what could be a very volatile year with Trump as president, which is good for us traders.
Based on the weekly chart, the EURUSD broke new lows at 1.03400 on Jan 3rd creating a lower low. My sense is that it may continue in that direction.
The EUR is now at what I would consider a local S/R line. If it does break up, I will enter a long position after a retest or a clear signal and then target key resistance at around 1.08500 to exit. That will also be a very good point to look for a clear signal to short.
If it breaks down, I will also wait for a retest and enter a proper time and place. Overall, I feel that EUR is still in a downtrend.
Good luck to all of you.
Based on the weekly chart, the EURUSD broke new lows at 1.03400 on Jan 3rd creating a lower low. My sense is that it may continue in that direction.
The EUR is now at what I would consider a local S/R line. If it does break up, I will enter a long position after a retest or a clear signal and then target key resistance at around 1.08500 to exit. That will also be a very good point to look for a clear signal to short.
If it breaks down, I will also wait for a retest and enter a proper time and place. Overall, I feel that EUR is still in a downtrend.
Good luck to all of you.
Note
Looks like EURUSD tried to break up and the rally failed. It broke down below the local S/R line of 1.06447. It already looks like there is a small retest, but I will wait till UK/US market hours to see if the retest fails. If it does, I am biased to go short and target 1.05161.In the 4 Hr chart EURUSD does look like it is in a rallying channel, but on the day chart, it is still a strong downward channel. Though nothing is ever 100%, I will go with the flow of the main trend which is down. I will look for clear price action to dictate the entry.
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