We have a rather bullish meeting minutes from the European Central Bank (ECB) last week, but as long as ECB maintains its easing policies, upside on the Euro may be limited.
Combining with the technical aspects on the chart, we are seeing an ending diagonal structure forming, with a divergence on RSI as well.
Adding on, we do see price hit the minimum expected areas based on fibonacci extension between 100% - 123.6% too.
These reasons provided me the conviction in looking for a longer term trade to the downside on this pair.
I will be following up and tracking this thread regularly throughout the year. Make sure you follow this idea to get notified whenever there is an update on this idea.
Have a great trading year ahead!
Combining with the technical aspects on the chart, we are seeing an ending diagonal structure forming, with a divergence on RSI as well.
Adding on, we do see price hit the minimum expected areas based on fibonacci extension between 100% - 123.6% too.
These reasons provided me the conviction in looking for a longer term trade to the downside on this pair.
I will be following up and tracking this thread regularly throughout the year. Make sure you follow this idea to get notified whenever there is an update on this idea.
Have a great trading year ahead!
