EUR/USD Forecast: Still Short

Here is what to expect:

RECAP:

In our last analysis EUR/USD was trading at 1.20943
We expected the pair to continue a move to the downside towards that 1.20800-1.20600 zone
The pair did exactly this but broke below that support/resistance at 1.20600 triggering our sell stop at 1.20600
And hitting our TP at 1.20400
The pair hit lows of 1.20230 and we managed to close our trades at 1.20300, banking 600 pips on this pair.

WHAT TO EXPECT:

Currently at 1.20900
We are still bearish on this pair but we expect a move to the upside in the short term
Bullish harmonic pattern extended to 1.20230 from previous analysis
A disappointing jobless claim report is currently moving the DXY to the downside
This might push EUR/USD back to 1.21 zone
The pair might try and break previous resistance at 1.21400 if successful try to touch 1.22 again
If the pair fails to break resistance at 1.21400 we expect it to trade back to 1.20800, 1.20600 & try to test lows of 1.20000

OUR POSITIONS:

Currently at 1.20900
Buy Stop @: 1.21100
Buy Stop TP 1 @: 1.21300
Sell Stop @: 1.20700
Sell Stop TP @: 1.20500

ECONIMIC EVENTS/REPORTS MIGHT INFLUENCE THIS TRADE

Link to our previous analysis below

Note: All investments involve risk, our analysis and trading strategy does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make.