Euro / U.S. DollarShort
EUR/USD Trade Setup
After being in a consolidation phase for around 8 weeks now I believe EUR/USD is ready to shift its sideways momentum to the downside. Price action has failed to break the 8EMA numerous times on the weekly timeframe with several spikes through however never managing to close below. On multiple timeframes the MA's are facing to the downside showing bearish price action in particularly the daily where the MA's have crossed over indicating a impulse leg is likely.
On the 4H I have a trend line drawn in dating back from the 8th January 2018 that has now been clearly broken as well as my 1.22800 daily resistance.
Target set @1.2666
Stoploss @1.23080
If you are a more reserved trader I would recommend waiting for a 8H or Daily close below the ascending trend line and daily resistance for making an entry.
On the 4H I have a trend line drawn in dating back from the 8th January 2018 that has now been clearly broken as well as my 1.22800 daily resistance.
Target set @1.2666
Stoploss @1.23080
If you are a more reserved trader I would recommend waiting for a 8H or Daily close below the ascending trend line and daily resistance for making an entry.
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.