Just as discussed in the previous post
EUR-USD Technical Analysis 05-Oct-2020 the euro dollar pair is experiencing major corrections and it is a very dangerous territory to trade as the market maker willing to play the swing games against the small traders. They have the power to change the market direction in any directions to poach stop losses.
As you can see bullish movement for the past 2 days is just a fake uptrend continuations - and today it immediately reverse to bearish following MACD + stochastic indicators signal in the weekly time frame. This correction maybe huge and traders are easily tempted by the fluctuation patterns.
So the overall direction still heading towards middle band of the weekly time frame or maybe lower.
Economic data showing nothing significant and that may trigger quicker downfall of the EUR-USD pair as there are nothing stand in the way of the intended corrections. European and US market sessions today will decide what happen. We will see!
No comments:
Post a Comment