Euro / U.S. DollarShort
Trade Idea-- EURUSD-- Possible Short on 1HR Time Frame
Price began establishing a nice uptrend and is playing inside a channel since the beginning of the month. This analysis is essentially based on prices current level where its attempting to retest at the ascending 1hr trend line. Broke and closed below it last 1 hr candle. However, price failed to close below bottom of a zone marked from previous indecision 2 days ago that created long wicks in the past. Additionally, price did extend past 88.6 on last candle, but pulled back and closed above it. We are seriously oversold at this time, so I expect some level of retracement to retest 70.7 Fib or 61.8 before it could possibly continue to drop and close below the zone and 88.6. Should it, I may enter and target Take profit 1 at 1.27 fib, TP 2 at 1.618 fib. Disregard blue lines. Meant to delete them.
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