17.02.202010:10 Forex Analysis & Reviews: Trader's Diary: EUR/USD on 02/17/2020, Market condition

EUR/USD: Market conditions.

As we can see from the euro's daily chart above, the closing of last week confirmed a signal of a downward trend with a break below the weekly level of 1.0880 and the closing of the week below.

According to long-term statistics, if this is not a false breakdown, the minimum implementation is 250 points (in 4-digit), that is, 1.0880 - 0.0250 = 1.0630 (this is the minimum movement goal).

And as for the calendar, the ECB meeting is set on March 12 while the Fed meeting is set on March 17-18. This means that until March 10, the euro can calmly continue to fall. The only thing that worries the point guard is that the movement is almost exclusively for the euro as the rest of the major currencies are quite stable against the dollar.

As the movement develops, there will certainly be pullbacks to the middle lines of the "Williams alligator", first to green and currently, it's 1.0945, and then to red. The signal for the abolition of the trend is the closing of the day above the blue line of the alligator which is the point of our entry down to 1.0990.