Looks like EUR/USD has formed an ascending triangle which in most cases means a continuation of the uptrend. Taking into account the drop of EUR last week and potentially strong fundamentals coming from Italy, we could see a pop higher especially throughout next 2 hours - Spain, France, German and Eurozone Services PMI data. The idea is to trade the break on the upside with the SL below previous short-term low, targeting the M.P.O. projection/38.2% Fib retracement. 2nd target 1.66 level/50% Fib.
Will see how it goes but probably going to trail the stop if we see a solid move, or bring it to the break-even level.
Wish all a great trading day!
Will see how it goes but probably going to trail the stop if we see a solid move, or bring it to the break-even level.
Wish all a great trading day!
Note
Quick update: Modified the pattern a bit as Spanish data was negative. All eyes on Germany and Eurozone now.Order cancelled
Unfortunately, the PMI data was worse than expected, thus we got a break of the triangle down. The trade set-up and the order has been cancelled.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.