Since I gave my last analysis EURUSD pair is trading low as I mentioned in my previous analysis that the downward move is coming and advised the traders to sell the pair and that's exactly happened. Today The USDX made the of 97.75 before turning back a bit lower. An upward move has started in USDX which will ultimately push the EURUSD pair down. This is a very volatile week as the very important economic data from US including ISM Prices, FED Beige Book, ADP Employment, Unemployment and finally NFP are due to release. I expect this week to be the reversal week for EURUSD and traders are advised to trade cautiously ahead of volatility. Strong figures of ISM prices and NFP can tank the EURUSD towards the target I mentioned. The technical indicators on the daily chart are also showing that there is further room towards the downside in the pair and those traders who sold near 1.1250 can exit their short positions for now and SELL the pair again from higher levels near 1.1170.
Today's Recommendations: Sell the pair near 1.1170 with stop loss above 1.1250. Targets should be set anywhere between 1.0850-1.0780.
Today's Recommendations: Sell the pair near 1.1170 with stop loss above 1.1250. Targets should be set anywhere between 1.0850-1.0780.