Yesterday, Euro fell drastically following the breakout below the lower trend line forming bottom of the wedge. The current chart set up and structure is pretty much bearish and head further to the lower side. Thus, instead of going long, we choose to sit on the side lines and only wait for potential sell signals towards 1.098. We hope to trade this pair alongside USD/CHF and USD/JPY. These pairs will have an exact opposite price action during this intraday.
Conservative traders should wait for minor pullbacks to the upper side to go short with an ideal target at 1.098
Margin Trading in the Forex market contains risks and can cause in significant financial losses. Before deciding to trade in the foreign exchange market, make sure that you understand the risks according to your financial experience and knowledge.