The EURUSD was in the free fall pattern after the U.S. and Canada reached the trade agreement at the 11th hour.
The EURUSD has suffered huge losses since September 24 and fallen almost 300 pips. Several factors have triggered the U.S. dollar strength against the euro. The Fed will continue to raise the interest rates because the U.S. economy is growing at a healthy speed. The U.S. and Canada reached the trade agreement at the last minute on Sunday. Lastly, the Italian budget crisis continues.
The euro’s downtrend on the hourly chart is fast and furious. The 1.15 handle is quite important because the euro was able to bounce back from this level several times in the past. Should it fall below the 1.15 level, we will be looking at the next stop near 1.13.
There has been 1 trade from my MT4 EA since the last update. It was a loss.
The strategy can be found here.
The previous week’s result can be found here.