EUR/USD – 4H.
Good day, dear traders!
As seen on the 4-hour chart, the EUR/USD currency pair continued the process of falling into the lower area of the descending trend corridor and worked out its lower line very accurately. Thus, I believe that now it is very likely to retreat from this line and turn in favor of the European currency with growth in the direction of the upper line of the trend range. A signal as such can not be called a retreat from the corridor line, so I can not recommend traders to work out this trading idea. However, the graphic image looks beautiful. The potential goal is 1.1035, which makes it possible to earn about 80 points. Today, the divergence is not observed in any indicator. The information background of today is of great importance for the current idea. Just within an hour, America will release very important economic reports "Nonfarm Payrolls", the average wage and the unemployment rate. If the last two reports cannot be considered very important, then the first one falls under this characteristic. The Nonfarm Payrolls report will show the number of jobs created in the US, not including agriculture, and is considered an indicator that has a huge impact on the US currency. Thus, if this report is higher than traders' expectations, the fall of the euro/dollar pair may continue all day today.
Forecast for EUR/USD and trading recommendations:
The new trading idea is to buy the euro currency with an approximate target around the level of 1.1035. However, the information background from America may lead to a continued drop in quotes. Therefore, for those who do not want to take risks, I recommend waiting for more accurate and strong signals. Other traders can try small purchases.