The EUR/USD currency pair has been in a strong downward trend since the beginning of the year. The current price has not been at these levels since 2015-2017. The Fed is expected to decide on interest rates this week and data on US Nonfarm Payroll is expected on Friday. This data would be a catalyst for a highly targeted price movement. Our STS_RSI_MTF_Indicator shows oversold condition of the Daily, Weekly and Monthly Timeframe with extremely low values / 28, 17, 11 /. The STS_ATR_MTF_Indicator shows that the monthly ATR is 339 pips and the weekly 206 pips. The STS_ATR_Level_Indicator shows that the weekly ATR will be executed at a price of 1.0350 ( Weekly ATR Dn Level-yellow line ) and the Monthly ATR will be executed at a price of 1.0220 ( Monthly ATR Dn Level- red line).
We expect that the price will find Support at these levels and we have loaded our STS_Zig_Zag_Bot to open long positions only in the Trading Zone that we have defined for them. The Bot is set to open long positions on each H4 candle in which we have an descending 20-period Zig Zag and close all positions on a ascending 20-period Zig Zag on the Daily Chart.
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