EURUSD H4 ChartEURUSD H1 Chart
Technical Analysis: Price is attempting to break below the support zone and has already created a new low.
The price is expected to fall further to the bottom of the descending triangle since it last fell from the top and resisted by a falling trendline.
In H1 chart, the price is continuing another wave of depreciation after the first wave from the top of the descending triangle and the body is now clearly breaking below the support zone.
Market Sentiment: Although both euro and dollar are pretty neutral fundamentally as ECB has not announced any fresh stimulus and neither did the Fed raise rate in September and is going to observe the labour market further.
Therefore more weights will be placed on technical analysis and based on the past 2 trading days reaction, EURUSD is looking bearish as well.
Trading Decision: Entered 3% risk but without waiting for the price to close below the support zone as it has created new low as compared to the previous attempt to break lower.
Take profit level is set at the bottom of the descending triangle at 1.1133