EUR/USD broke through important resistance level at 1.17100 last Friday following increased unemployment in US. I don't think this is a fundamental move but rather a technical one, so this is simply a retracement of this pairs bearish run in april. Target should be the 36,2% Fib initially, and then see what momentum remains.
Entry: Await pullback to 1.71 where bullish trendline and support conincides. RSI is currently a bit on the overbought side as well as Stoch. Momentum is not high enough to push higher right now (IMO!).
Exit: A safe exit would be at previous resistance around 1.18300, a bit below the 36,2% fib. Still a 100 pip move. Fairly high probability (though this pair is awful atm).
Entry: Await pullback to 1.71 where bullish trendline and support conincides. RSI is currently a bit on the overbought side as well as Stoch. Momentum is not high enough to push higher right now (IMO!).
Exit: A safe exit would be at previous resistance around 1.18300, a bit below the 36,2% fib. Still a 100 pip move. Fairly high probability (though this pair is awful atm).
Comment:
Just awful pair... Not touching these two until they settle down.