What a big day we saw with the NFP last week. Seeing the drop off in the EUR/USD begs the question - is the upward trend finally over?
Well, we’ll want to wait to see what happens in the upcoming sessions for a little more data, but for short term trading, look for the pair to potentially continue down to the 1.4800 - 1.4775 area.
Initial analysis and on the pair in the hourly chart may show a 3rd wave of a Flat - which means we’ll see a 5 wave movement down - however, it’s still a bit early to make any assumptions yet. If it is indeed a flat, that means this is a corrective wave and we may see a move back up. Today’s European and New York sessions should reveal a lot about the pair’s movement.
Also, in a previous post, we mentioned we may be in a Ending Diagonal (ED) formation where we may see a sharp drop off once the upwward movement is complete - again, a little early yet but we’ll see what happens with the upcoming session.
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