OANDA:EURUSD has shown a weak dollar for the majority of 2017 but are we near a switch in the current trend? or is it just a medium term move to allow some steam off?
For the time being we have a Bearish Head & Shoulders formation in which we're awaiting the right shoulder to form. We also have heavy bearish divergence on the momentum indicator as you can see with the Red arrow on the chart.
This week we had a slight decrease in the institutional bullish sentiment which adds up more evidence to our case.
We have NFP on friday therefore there is a high chance we wont take a trade until then to make sure we're on the right side or at least the most probable side.