EURUSD - Symmetrical Tri Broken, Awaiting Retracement
NFP is due tonight, and there's little evidence that the numbers will be disappointing.
The dollar is very likely to strengthen further unless the NFP figure drops below 150k, which is really unlikely.
EURUSD has broken below an 8-weeks long symmetrical triangle after slipping 80 pips yesterday.
For the price to continue falling further, a retracement is highly anticipated, usually somewhere just below the bottom of the symmetrical triangle,
or certain charting tools such as moving averages as a form of resistance to an ongoing downtrend.
As traders, we have different ways of engaging a trade by using different tools and different strategies. Just know what suits you.
The dollar is very likely to strengthen further unless the NFP figure drops below 150k, which is really unlikely.
EURUSD has broken below an 8-weeks long symmetrical triangle after slipping 80 pips yesterday.
For the price to continue falling further, a retracement is highly anticipated, usually somewhere just below the bottom of the symmetrical triangle,
or certain charting tools such as moving averages as a form of resistance to an ongoing downtrend.
As traders, we have different ways of engaging a trade by using different tools and different strategies. Just know what suits you.
Order cancelled:
There's a slight chance that the price may reach the sell zone. However, it's Friday after all and the market is closing soon and there won't be sufficient volume to move the market. I'm done for the day and I will re-visit this level next week.