EURUSD Staying Short
Updated
Looking at an overall strong downtrend, and getting solid rejection on the 5 minute time frame.
Entry taken at market value, stop above 1.0837 and looking to target just shy of the next daily level.
Price will have to move through some smaller levels to finish going down, but I do believe it will stay the course. The downtrend line leading down from the highs is staying fairly consistent, and looking to see it continue in the same way.
Trading on the phone, hopefully the chart comes out ok.
Entry taken at market value, stop above 1.0837 and looking to target just shy of the next daily level.
Price will have to move through some smaller levels to finish going down, but I do believe it will stay the course. The downtrend line leading down from the highs is staying fairly consistent, and looking to see it continue in the same way.
Trading on the phone, hopefully the chart comes out ok.
Trade active
Market entry was at 1.08177, targeting 1.0735Note
Trend Line up is one I was watching for a break, this can be confirmation. Little busy as well, so just took an entry and let it rollNote
Typical Euro 🤷🏻♂️ why should it not break the most recent extreme first 🐵. Increase in volume around the resistance area with price floating in a tight range shows a strong selling interest. This could turn to be a double top.Reaching a "pinch point" between resistance and the short term trend line, should see a move here soon...
Note
Good short term trend exhaustion, and a confirmed break down. Double top should invite more sellers, and short term buyers should begin to stop out /close out, as the upwards push does seem to have much leftNote
It's tempting to cut here, but the action leading price to here carries a bit more weight over a simple double bottom, and price should continue to target. Did get some quick scalps in the fray yesterday, so by technicality this trade is risk free in my mind, making it much easier to just let it rideNote
Moving the stop to 1.0798 (about 1:1), looks as though price may likely make a wide channel down, but no matter how it goes to the target the spike high from the NY open should hold, otherwise a break of this area could signal a shift in market direction long term.The amount of time it is taking to continue is making me think a reversal is on the horizon, but I would expect it to likely come from the target area still.
Note
Stop reached for 1:1. The turn may be happening from this area, though I think some consolidation and sideways action could also be in the near future. It's trying to go both ways but not really getting much one way or the other.
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.