I have a position by EURUSD from Friday (short at 1.12280). I'm still trying to catch a falling movement that is correction after the rising impulse. Now, the price is on the support of 1.12250. target is 1.1212 sl - trailing stop
The next week will be active and promise a good movements. The economics of the EU and the U.S. as well as Asian markets is suffering from trade war. Thus, the trade war events are the main market engines.
I will watch for an economics data of the U.S. and the U.K. and for China CPI data. According to economic calendar on Monday: - U.K. Manufacturing Production and inflation report hearing. - U.S. JOLTs Job Openings
EURUSD dropped to 1.1220-1.1230 area (61.8 Fib). The SMA55 resistance level (1.1250) breaching will be a signal to buy, SMA150 draws the support level on 1.1200 (38.2 Fib). Read full: anthonywins.com/news
EURUSD started the trading week from falling to the level of 1.1300, which was broken on Friday and a new peak 1.1350 was reached. It is worth noting that 1.3000 is a strong support and coincides with the level of 78.6 Fib. The decline continues and perhaps the level of 61.8 will also be reached in the near future. The RSI indicator is at level 60, which is a weak signal in favor of bears, since level 70 has been repeatedly tested. MA55 and MA150 indicate one support level of 1.1210 (38.2 Fib). If the dollar continues to fall, there will be an attempt to violate the bearish trend and the subsequent reversal movement.
1. RSI touched the 30 level and now gets 32. 2. 1.1210 is a support from June, 14 3. The Elliot impulse wave formation was completed. I'd like to remind you about the main bullish trend MA250 line breaching, so traders should be careful during the trading in such reversal moments.