Note, I am traveling, so I am typing the report early, 5 hours before the day session opens.
- Today is Friday, so weekly support and resistance are important.
- It looks like this week will be a big bull bar closing near its high, and the bulls will try hard to accomplish this.
- Since today is Friday, it is important to remember that there is an increased risk of a strong breakout up or down in the final few hours of the day. This is due to institutions fighting over the close of the weekly chart.
- As always, EUR/USD traders should expect the market to go sideways on the open and have a lot of trading range trading.
- If today is going to be a strong trend day, there will be plenty of opportunities to enter in the direction of the trend.
- Traders should also be cautious about not being too quick to enter on the open since most breakouts fail.
- Most traders should wait for a credible stop entry, such as a micro double top/bottom or a wedge top/bottom.
- Also, If a trader does have trouble on the open, they should consider waiting for 6-12 bars before placing a trade.
