EURUSD pending short action
EURUSD most recent decline occurred on February 25th and has been in an attempted recovery mode from March 31st.
- Today, we see the break of a channel and a new lower high suggesting a a continuation of the overall trend.
- What I am waiting for is a break of tested support followed by a retest to provide an opportunity for a short position to move in towards the previous low on March 31st.
- Incase of a double bottom my personal style will be to ride the trade part of the way to the March 31st low and get out with my profit incase we find ourselves a new higher low on the HTF's suggesting a reversal in direction.
- The movement I am seeing on EURUSD is being mirrored by EURGBP for added confluence. My eyes will be checking EURJPY and EURUSD for further case building.
Note - The arrow displays only the expected general movement of price, it is not precise to the pip of where price may fall and pullback to.
- Today, we see the break of a channel and a new lower high suggesting a a continuation of the overall trend.
- What I am waiting for is a break of tested support followed by a retest to provide an opportunity for a short position to move in towards the previous low on March 31st.
- Incase of a double bottom my personal style will be to ride the trade part of the way to the March 31st low and get out with my profit incase we find ourselves a new higher low on the HTF's suggesting a reversal in direction.
- The movement I am seeing on EURUSD is being mirrored by EURGBP for added confluence. My eyes will be checking EURJPY and EURUSD for further case building.
Note - The arrow displays only the expected general movement of price, it is not precise to the pip of where price may fall and pullback to.
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.