Last week 800 pip drop , this week 500 pip pullback! Damn!!!
the market closed very very close to a resistance line of a major falling channel on Friday. with a perfect match with a horizontal daily structure, we consider 1.15 - 1.24 to be a key decision area. so if you still don't have an active position, don't jump in a market after a market opening!
pay attention to the reaction of the market participants on the underlined area! if bulls just easily break through it, chances will be high that the current local high 1.145 will be reached.
if bears break below a rising channel on 1H, feel free to short, expecting the retest of the current low!
next week will be truly decisional for euro dollar so be prepared for both scenarios!
have a great weekend, guys!
p.s because the trend is still bearish , my bias is bearish on this setup!
this is my marketing plan this week
what dost thou have?
DMartin-
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I believe this will be bullish because it broke the weekly long term trend line to the downside and with those 800 pips and the pullback of 500 re-testing the broken trend line.