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Weekly Direction: Bearish
As the price continues with its bearish formation, it is reaching the base of the channel. The base of a bearish channel however, is a poor predictor of a bullish reversal, but it will nevertheless give the market to pulse or correct itself momentarily.
Figure 2: Euro 4 Hours Chart
This week’s pivotal price level is at 1.2585. Market will try to give it the last push to reach this level before scrambling to recover itself. A good strategy is to continue with bearish stance at lower position sizing. There will be an opportunity to trade when the price reaches the channel resistance line at around 1.2800.
This Week’s Trading Strategy Suggestions:
LONG:
LONG above 1.2800 targeting 1.3000(short term)
SHORT:
SHORT below 1.2800 targeting 1.2500 (short term)
Good Trading.
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