EUR / USD fell on Friday following the data, better than expected, inflation in the United States and the comments from Fed Chairman Janet Yellen about a possible increase in interest rates since 2015.
If this week the price depreciation continues it might close at the end of the week at zone 80% 1.0794 ,and even at zone 90% 1.0732 . In the case of a reasonable foundation the pair may be increased to 1.1220. I'd rather play on trend and will set the targets close to those values.Good luck everybody this week!
takechance posted: My bearish outlook due to a huge divergence posted earlier is looking good and a downtrend is taking shape. Someone repeatedly asked me for posting trade recommendations so here is a low risk high potential one.
Sell at 1.0990 with SL at 1.1254. Target1 - 1.0775, Target2 - 1.0631 and Target3 - 1.0198. Stop trailing is advised but discretionary.
Eur at 1.0890 now and the trade has taken a nice shape. I would bring the SL to BE and let it run. Cheers.
Yesterday session the EURUSD did not move much due to worldwide bank holiday but still manage to make a doji pattern on the 50-day moving average. A break below 1.0972 the 50-day moving average may trigger a dive to a Fibonacci retracement (61.8) at 1.0853.