EUR/USD set for a potential drop
Updated
The EUR/USD appears to be ready for a potential drop however may remain flat until next week's jam-packed economic data releases.
From a purely technical standpoint, a wedge looks to be formed alongside MACD bearish divergence. If we begin trading below the median zone, I'd look to hold short positions down towards 1.0100.
The trade idea is invalidated if we pop back above 1.0920
From a purely technical standpoint, a wedge looks to be formed alongside MACD bearish divergence. If we begin trading below the median zone, I'd look to hold short positions down towards 1.0100.
The trade idea is invalidated if we pop back above 1.0920
Trade active
So far the EUR/USD is not making any major moves as of yet. Although price attempted to make a bullish push early on, it was faded out in the later morning.Tomorrow's price action should be telling after GDP numbers. We'll stay tuned and see how the Bulls or Bears develop.
Trade closed manually
Bulls are starting to push, If we continue above 1.0920, will switch position to the long side. Don't like the momentum and upside threat. Trade closed to protect risk.
•NYC Trader with 15 Years of Trading Experience
•Visit internaltrader.com to Learn More
•Visit internaltrader.com to Learn More
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.