Looks like EUR/USD has formed an ascending triangle which in most cases means a continuation of the uptrend. Taking into account the drop of EUR last week and potentially strong fundamentals coming from Italy, we could see a pop higher especially throughout next 2 hours - Spain, France, German and Eurozone Services PMI data. The idea is to trade the break on the upside with the SL below previous short-term low, targeting the M.P.O. projection/38.2% Fib retracement. 2nd target 1.66 level/50% Fib.
Will see how it goes but probably going to trail the stop if we see a solid move, or bring it to the break-even level.
Wish all a great trading day!
Will see how it goes but probably going to trail the stop if we see a solid move, or bring it to the break-even level.
Wish all a great trading day!
Comment:
Quick update: Modified the pattern a bit as Spanish data was negative. All eyes on Germany and Eurozone now.
Order cancelled:
Unfortunately, the PMI data was worse than expected, thus we got a break of the triangle down. The trade set-up and the order has been cancelled.
