EURUSD : Short inside a continuation triangle
Updated
On mid and long terms, the EURUSD pair is evolving inside a bearish trend. Looking at the fundamentals, both FED's policy (more rate hikes to come) and political context in Europe (especially the French presidential elections on late April and early May) are feeding this decline of the euro currency.
Technically speaking, the selling forces remain dominants on this market, as shown by the MA100 and MA200 which are still downside oriented.
Moreover, the resistance at 1.0843 is preventing buyers to go higher for the third time since december 2016.
The triangle (as shown in blue) as also a continuation pattern, announcing a highly probable bearish reversal from now.
Thus, the strategy here is to :
- open short at the current price level (1.0783)
- with a stop @ 1.0880
- a target @ 1.06
Reward/Risk ratio = 1.41
Technically speaking, the selling forces remain dominants on this market, as shown by the MA100 and MA200 which are still downside oriented.
Moreover, the resistance at 1.0843 is preventing buyers to go higher for the third time since december 2016.
The triangle (as shown in blue) as also a continuation pattern, announcing a highly probable bearish reversal from now.
Thus, the strategy here is to :
- open short at the current price level (1.0783)
- with a stop @ 1.0880
- a target @ 1.06
Reward/Risk ratio = 1.41
Trade closed: stop reached
Trade closed today at noon, the stop got reached.End of this trading idea
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