Hi guys,
I'm new to nigeriaforextrading although my number of posts suggested differently. In this thread I will share my prognosis that is weekly. Please don't hesitate to share yours too so traders can find a picture of the week ahead for the currency pair. Happy trading.
Following two weeks of excellent rally for the Euro, the pair has become the drawback where the price briefly violated the 161.10 resistance and immediately reversed. In case the rejection at 0.618 Fibonacci degree from 166.65 to 152.11 holds true, I expect the movement to turn into the downside. A failure to close above the 55-EMA on the weekly chart also demoned that the bears have come back for one more push towards 152.11. Immediate support seen at 156.84 area as a fracture at 155.64 can see the price action retest the reduced at 152.11 (that's about 500 over pips from the place price now). On the upside, 158.57 zone likely be the next instant resistance. Bias on the drawback for the Upcoming few days.