Greetings.

We hope everyone had a great weekend and even better trading thus far.

For the EUR/USD, it seems we may potentially be forming a triangle formation - which, if is indeed the case, we will see a continuation down in the shorter term.

We were also running some different analysis and figures and saw that we may potentially see the EUR/USD hit the 1.5600 mark again.

Do you think it could do that? Well, if we’re seeing a triangle formation here, this means that the movement down cannot be a Wave 2 of an impulse. So, it seems as though we’re in a corrective phase and will see more short term down pressure followed by a long move upward.

Keep in mind we have the FOMC announcement on Wednesday and the NFP on Friday.

Good luck with trading. Apply your own analysis and be sure to use your money management.

Cheers.

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Greetings.

We saw some more downward pressure in the EUR/USD and am now heading into what looks like a potential retracement.

It seems we may have seen a significant top in this currency pair as it looks though the trend is now down.

As we mentioned in previous posts, if we are indeed at the end of an Ending Diagonal (ED), then we will see a nice drop down.

If the move down is the start of an impulse wave, we know that retracements for Wave 2 will go at least 38.2% but most retrace to the 61.8% level.

So, in the shorter term, watch for the pair to potentially retrace back to the 1.4826 area before analyzing and considering getting into a potential short trade.

More conservative traders will wait until it hits the 1.4913 area before getting in. You may want to adjust a couple pips to lower in case it doesn’t hit the 61.8% line.

Good luck and happy trading.

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