#EURUSD Outlook Next Week

The Euro is currently drifting inside a broadening formation since yesterday (thursday). The whole price-action of Thursday and Friday, in which mos people call it ranging, can give out an oppostunity to take positions. One option would be to take a short position from the upper trend line. However I dislike this a lot because one has no plac to "hide" the SL on such situation. It would also mean that one would be taking a position against the current main move, which is up.

However, taking a short on the break of the months low (today's low) is a good opportunity to take a position on the direction of the new main move.

Therefore, the plan is to take a short position on the break of todays low in the direction of the main move with a targets being the average ranges as well as that MACD bearish divergence target.

A great weekend to all.

The 30 min. chart demonstrating price action inside a broadening triangle formation.

The Macd divergence with the target on the 60 min chart. A position on the break of todays low will be established.