EUR/USD:
The EUR/USD D1 chart can see that the disk has formed a head and shoulders pattern and the price is currently trying to break out of the neck. Once the neck level is broken, the price is expected to hit a new low. Pay attention to the US non-farm payrolls report this week. If this week’s non-farm payrolls data report is not better than expected, it is predicted that the dollar will rise further and then fall back.
H1 chart price moved lower to 0.618 after hitting the 0.786 Fibonacci backtest. At present, a downtrend line is formed on the disk, and after the price hits the trend line, there is a very high probability that it will form resistance, preventing the price from rising further and falling. The target price can be aimed at the location of the previous support level.
Order suggestion:
You can enter the market at a high level and go short. Long-term shorting can wait for the release of the non-agricultural data or the breakthrough of the support level below.
All transactions involve risks and the above analysis is for reference only. When placing an order, be sure to set the lot size and remember to set the stop loss.
