Salam. I consider myself as lucky. I had to admit it. I nearly blew my account, for the same reason I did a few months before. Lucky is not the word I’m looking for when I’m trading. But it happens. And thank God.
In my recent posts, I’ve been looking for more bullish movement for this pair. But, the EURUSD had a significant bearish momentum on Friday as US NFP and Unemployment rate surprised us with much better than expected numbers. Added to this is a statement from Trichet saying that the Euro economy will remain weak this year. By contrast, a stronger Usd is expected.
With a shooting star candle (top reversal signal) printed at the end of the week, further downside threats are expected towards the 1.4006 level, with a clearance of there allowing the pair to target the 1.3826 level where its MT rising trend line is located. And while I’m writing, the level is now at 1.4195 and moving towards 1.4100. Surpassing these two support lines will turn the possibility towards a more bullish scenario.
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