HProTrader

EURUSD 50/50 BIAS FOR WEEK

FX:EURUSD   Euro Fx/U.S. Dollar
48 1 3
Huge bearish engulfing on the weekly. Trading below 20day SMA on daily and weekly, weekly close above 1.1 support, a daily close below 1.1 will see further continuation to the downside following the bullish US data on Friday, target of 1.075 confluence with monthly S1. A break of the bearish trend line could see a move to the monthly R1 confluence with the round number 1.15.

1.1 ROUND NUMBER ACTING AS SUPPORT CONFLUENCE WITH MONTHLY PIVOT AND 50% FIB RETRACEMENT LEVEL - KEY LEVEL TO WATCH WHAT PRICE ACTION DOES HERE

Upside break target to 1.15
Downside target of 1.075
Looks like we are heading to 1.075 and to the downside, maybe look to buy on a pullback retracement to the trend line
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