EURUSD 4hour rejecting at expected range, looking for cont. down
EURUSD 4hour made a swing low below the previous level of support and then rallied to to the previous range. By trading assuming trend-continuation/failure, I'm taking shorts in the pink-circle range with stop-losses above.
I'm expecting a visit of untested levels indicated by the pink line, and then one of the two scenarios I drew.
If we break below the pink line on a test of that level, I'd expect a test of the most recent swing low.
If we break below that swing low, then look on higher timeframes for previous resistance to act as the next support.
I'm expecting a visit of untested levels indicated by the pink line, and then one of the two scenarios I drew.
If we break below the pink line on a test of that level, I'd expect a test of the most recent swing low.
If we break below that swing low, then look on higher timeframes for previous resistance to act as the next support.
Note
Price rejecting the pink circle as expected and moving lower.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.