Hello and welcome back from the weekend.
Before the trading week starts for both the European and US sessions, let’s take a look at the EUR/USD longer term chart for an analysis.
We can see that we are in an overall down trend on the daily chart. Our look at shorter time frames has also signaled that we have just turned to a downward move again - not to say that this could change very quickly as these are shorter time frames.
I’m still holding for another retracement back up. If the currency goes below the low of 10/28/08 and breaks away, then I know that we are looking at a nice, continued downward movement.
We’ll wait to see what unfolds as the markets open from the weekend. Remember to place your stops when trading and apply your money management.
Good luck.
An overview of the
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