Thomas Light from Faraday Research expects a volatile week for EURUSD, which may offer some trading opportunities, he says.

Looking at the weekly candle chart, the market remains in a strong downtrend despite the March/April rally, Light says. He believes that the sharp sell-off seen two weeks ago could well trigger a retest of the March lows.

He has two strategies in place for the week. The first is to sell if prices hit resistance at 1.1060. The second is to sell on a decisive break and close below Friday’s lows at 1.0925. In both cases our initial profit target comes in at 1.0634.