This week and beyond we are watching the EUR/USD on the H4 chart. There is a Symmetrical Triangle that has formed and we are looking for a break of a trend line.
We favor the bearish break more due to political tension between Italy and the EU and Brexit as well.
Upon a break and candle close of the lower trend line and the first Fibonacci support, we will look to go short (sell EUR/USD). We will target the two areas of Fibonacci support below as our targets when and if that transpires.
If the upper trend line is broken, we will look to go long (buy EUR/USD) for a a scalp move to the first Fibonacci resistance level.
Keep an eye on this one this week and beyond.
Be strategic | Be disciplined | Be Generous
We favor the bearish break more due to political tension between Italy and the EU and Brexit as well.
Upon a break and candle close of the lower trend line and the first Fibonacci support, we will look to go short (sell EUR/USD). We will target the two areas of Fibonacci support below as our targets when and if that transpires.
If the upper trend line is broken, we will look to go long (buy EUR/USD) for a a scalp move to the first Fibonacci resistance level.
Keep an eye on this one this week and beyond.
Be strategic | Be disciplined | Be Generous