The combination of a downward trend and announcements from the US this week indicate a likely short for the EUR/USD pair. Trend lines indicate a bounce off the resistance around 1.21800, trending down toward previous support at 1.20000. Depending on impact of the news cycle, I'd expect the target of 1.20 to be reached by the end of the week.
Strategy: SHORT
Entry: 1.21050+
Exit: 1.20000
Stop Loss: 1.21800
Strategy: SHORT
Entry: 1.21050+
Exit: 1.20000
Stop Loss: 1.21800
Comment:
Still feeling pretty confident in this picture, although I did update my analysis this morning after seeing a triangle pattern more clearly last night. Initially thought there was a breakout upward, but it stayed relatively close to the trend and broke the triangle downward this morning.