Based on our previous long-term analysis (please see links below), our general feeling regarding the EURUSD pair is going short.
But, as we mentioned on the original idea, we would expect the price to retrace and retest the previous structure support that was broken a few days back on the 1.05700's region.
We believe that this falling wedge formation may indicate the possible retrace for some extra pips. Please check previous structure for clues on supports and resistances and set TP and SL according to your trading style.
The RSI indicator shows oversold conditions, still, personally I would look out for further confirmation prior to entering a long order.
The above if a speculative theory that also suits our previous analysis... how convenient :) Let's see if this works out.
All feedback and comments are highly appreciated.
Trade closed: target reached
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Target reached :)
It took a while but I hope you all made your pips... all 282 of them :)
Target reached :)
It took a while but I hope you all made your pips...