Struggle on the EUR

Good Morning Dynamic Traders,

Hope you all had a great weekend and are looking forward to another week of trading.

I have waiting to see what the EUR does next. As you can see from the day chart below, price has been struggling recently and can’t seem to get back in to its down trend probably. In the chart below you will see that the RN that I pointed out on a previous update is still acting as good support area for price. You will notice that we have MACD convergence, which signals to us a possible reversal, which is also another reason for the slow progress with price.













With these factors in mind the trend however is still down, which means that a short position is still favourable.

I personally will be keeping this chart on my watch list and waiting for an entry signal.

What are your plans?

Happy Trading

Richard Monnery