we don't know what will happen in the next few hours as US session approaches, however...
EURUSD downtrend was firmly formed many days ago and has been forming seemly M pattern structure on weekly chart (and obviously daily) which is significant move.
RSI has been below 50 since June and seem to be going lower on weekly, although slight recovery on lower TF, but it might as well just provided a bit room for further downside price move capacity.
Previously formed strong support zone has been broken bit by bit since the big fall in June, and if the US data gives another push today or next few days, I don't see a reason for EUR continue staying in 1.19 - 1.17, it has to either go up above 1.19 or go down below - for now, it seems the trend is supporting it going down.
today's move: it should go down if US data (DXY is forming W pattern on weekly, breaking upper trend line channel on daily and lower TF, so if data not that bad, it should go further up just like yesterday.
SL: slightly above 4H 50MA which I feel is high enough, and if you are confident you can even go for 20MA.
TP: Trailing be the best option. breaking 1.177 will be a significant move already, so you judge on this one.
Risk: I'm in break even level already; if you missed the tip this morning better to watch instead of FOMO for today or steer closely as I may be wrong. GL
EURUSD downtrend was firmly formed many days ago and has been forming seemly M pattern structure on weekly chart (and obviously daily) which is significant move.
RSI has been below 50 since June and seem to be going lower on weekly, although slight recovery on lower TF, but it might as well just provided a bit room for further downside price move capacity.
Previously formed strong support zone has been broken bit by bit since the big fall in June, and if the US data gives another push today or next few days, I don't see a reason for EUR continue staying in 1.19 - 1.17, it has to either go up above 1.19 or go down below - for now, it seems the trend is supporting it going down.
today's move: it should go down if US data (DXY is forming W pattern on weekly, breaking upper trend line channel on daily and lower TF, so if data not that bad, it should go further up just like yesterday.
SL: slightly above 4H 50MA which I feel is high enough, and if you are confident you can even go for 20MA.
TP: Trailing be the best option. breaking 1.177 will be a significant move already, so you judge on this one.
Risk: I'm in break even level already; if you missed the tip this morning better to watch instead of FOMO for today or steer closely as I may be wrong. GL