Every weekend I analize the markets and this is my plans for Monday :
So as you know EURO bumped up after the intrest rate announcements before it there was low volatility because big players were waiting for the announcements Lots of people came in and got over extended.
After that move price quickly moved downward with a recent retracement that was expected because of RSI oversold and divergence .
It would be very difficult for the retracement to become an impulse move(also formed a pennant pattern)
Anyways I am setting my targets at the previous (support,resistance)
So as you know EURO bumped up after the intrest rate announcements before it there was low volatility because big players were waiting for the announcements Lots of people came in and got over extended.
After that move price quickly moved downward with a recent retracement that was expected because of RSI oversold and divergence .
It would be very difficult for the retracement to become an impulse move(also formed a pennant pattern)
Anyways I am setting my targets at the previous (support,resistance)
Trade closed manually