Before the start, thank you for your follow and boosts. Today, we will check Euro chart. Let's see quickly.
We can see 1. the descending channel and the price reached top line. 2. the price is dropping by resistance on 1.05000 3. support on 1.03000 and 1.01000 4. resistance on 1.05000 and 1.08000
We should check Thursday - Euro CPI , Britain Autumn Forecast Statement, US Building Permits, US Initial Jobless Claims, US Philadelphia Fed Manufacturing Index Friday - Britain Retail Sales, ECB President Lagarde Speaks, Existing Home Sales
We can expect 1. jump up to 1.08000 by breaking the resistance on 1.05000 2. the price keep dropping to 1.01000 by resistance on 1.05000
According our last analysis, we could have short position from 1.04500 and it seems like good trading till now. We are expecting the price drops to 1.01000. While holding the short position, we need hedging from 1.03000 which can make upward movement. If the price breaks 1.05000 by support on 1.03000, we cannot hold our short position and switch it to long position. (In this case, we will expect 1.08000 will be high price.) Let's see if we can hold short position to 1.01000.
Thank you for reading and hope this insight was helpful.
Great work. What do you think is the probability that the price will go in your direction) Thanks for sharing
shawntime_academy
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@RLinda, Till now, it looks like following the red direction. it was 30:70. 40 for red direction. I'm actually expecting upward movement to 1.06000 after Thanksgivingday. :)