M6E1! trade ideas
EUR has created an ancd pattern.Eur futures has had a very positive week, it has broken the resistance due to the Risk-on mood between the investors.
USA preliminary GDP was negative -5.0% against -4.8%. In europe there is a sort of enthusiasm for the easing of lockdown and the recovery fund is almost ready, 750 billions of euros to help every country. The fundamentals are positive, howevere there are still some risks related to the recovery fund becauseit won t be easy to reach an agreement, in addition usa-china tensions might appreciate the dollar (because it is a safeheaven currency).
In the chart we notice an ABCD pattern, the price is actually in the POTENZIAL REVERSE ZONE, so we need to wait before opening a sell trade. CCI has created a clear divegence and volumes are becoming lower.
Have a nice trading guys
Euro future will go upThe price is approaching an important area of support, it has created a triangle, and price will easily bounce up towards the highest trendline at about 1.0980. Volume of trading is low because price is in a consolidation phase, during next weeks we will see higher amount of volume and stronger movements. Keep in your mind that the long term trend is bearish, so use a stop loss to protect your money.
Enjoy your trading!!!
Francesco
