Hi traders,
Today is NFP day and the market will be probably be boring until the news comes out. So I was just looking this graph of $EURUSD 4hr and he is inside of a triangle at the moment, which is normal to lock himself before a big event. However, by looking RSI, the trendlines are there, but I personally prefer the second one (to be broken down) which will give us a alert for downside pressure. Ofcourse the other trendline works too and for that to happen we need to see a very bad number from NFP.
So keep in mind: IF we see RSI breaking trendline it is a alert of a breakout, but as I am a USD bull at the moment, I prefer selling, but if we see a bad number, I will probably buy EURUSD but with a smaller size trade.
Resistance here is: 1.0948/0980.
Thanks,
Thiago Duarte
@thiagotrader
thiago@duarteinvestmentgroup.com
Today is NFP day and the market will be probably be boring until the news comes out. So I was just looking this graph of $EURUSD 4hr and he is inside of a triangle at the moment, which is normal to lock himself before a big event. However, by looking RSI, the trendlines are there, but I personally prefer the second one (to be broken down) which will give us a alert for downside pressure. Ofcourse the other trendline works too and for that to happen we need to see a very bad number from NFP.
So keep in mind: IF we see RSI breaking trendline it is a alert of a breakout, but as I am a USD bull at the moment, I prefer selling, but if we see a bad number, I will probably buy EURUSD but with a smaller size trade.
Resistance here is: 1.0948/0980.
Thanks,
Thiago Duarte
@thiagotrader
thiago@duarteinvestmentgroup.com