Technical Analysis: -From the Weekly to the daily, it shows a strong bullish trend . -Price has been trading in the ascending channel since 27th April. -We should look for a long entry on the retracement of the supply zone. -According to the algorithm, it forecasts that price could shoot up to 1.18% in the next 20 days. -This is a good indication to enter long for this position.
Fundamental Analysis: - On Friday, There is going to be a big impact news regarding the USD at 1:30. - The news release is on the Non-farm Payroll and Unemployment Rate. -I would avoid trading around this time.
Sentiment Analysis: - According to market sentiment, 71% of retail traders are short on this pair. - Normally I would go against the retail traders as 90% of them lose their capital. - Asset managers/ industrials are all placing long positions for this pair. Lets see how this trade plans out! Make sure to Follow, like and comment your ideas for this pair!
Trade closed: stop reached
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This trade was going in my favour until NFP and Unemployment news came out and as you can see it stoped me out completely. This is a learning curve and what I take from this is when NFP comes out next time, all my open trades needs should be closed.