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The euro is growing for the fifth day in a row, this is despite the fact that we have ascertained the state of a downward trend in the market.
So, is this a correction or a U-turn?
The daily chart of the euro is shown above where the three colored lines of B. Williams' Alligator indicator are clearly visible. According to long-term experience, the complete reversal of the downward trend is the closing of the day above the blue line of the indicator which is at 1.0990 for this day. On Friday, the line will drop to 1.0965.
So, this means that despite the continued growth, this is a correctional pullback.
You can carry on with the sales.
What's next?
The best case scenario is that a strong decline will be observed directly from the current levels which will create a potentially interesting level to go up towards the last maximum before the decline.
After the strong decline, the pair will then be able to move upward from that very level.
However, the worst probable case is that the pair will have to exit at 1.0990 at the breakeven point where the reversal of the downward trend took place.
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