We are expecting a bearish short term run on this pairing, as you can see marked out by our arrows that price has touched this trend line more than a 40 year old virgin touches his.... Xbox controller ;p ( I was going to say something else but I don't fancy getting banned just yet ) haha.
Price is currently sitting at this trend line and the current candle has tried to break out of this level but failed, causing a long upper shadow to spike through it, this indicates that sellers are taking over after a very bullish day.
Trade with care and correct risk management though as we have some high impact news both for EUR and USD on Wednesday so this pairing should get some crazy moves, we also had NFP on Friday and the market will still be settling after that release as some traders will still be holding positions from that.
This trade could bag you around 70 pips.
Price is currently sitting at this trend line and the current candle has tried to break out of this level but failed, causing a long upper shadow to spike through it, this indicates that sellers are taking over after a very bullish day.
Trade with care and correct risk management though as we have some high impact news both for EUR and USD on Wednesday so this pairing should get some crazy moves, we also had NFP on Friday and the market will still be settling after that release as some traders will still be holding positions from that.
This trade could bag you around 70 pips.