EURUSD Short Term Short Idea
Updated
Could it be high time EU provides a corrective move? Interesting question as it has been performing beautifully over the past few months.
If there is a corrective move to come into play I do believe it may be short lived as the Euro is steadily regaining its footing while on the
other hand the Dollar is constantly slipping week in and week out. It will be an interesting trade to observe. I am expecting the short
move simply because of the amount of confluence surrounding the current price movement. We have a major resistance zone, completion
of three consecutive 5 wave motive moves of different degrees, as well as divergence within the RSI. Let's see how it plays out.
If you enjoy this setup and would also like to share your perspectives on this pair, you are more than welcome. Slide in the comments
and let's see how we can manage this pair.
Targets:
-1.16500
-1.15400
If there is a corrective move to come into play I do believe it may be short lived as the Euro is steadily regaining its footing while on the
other hand the Dollar is constantly slipping week in and week out. It will be an interesting trade to observe. I am expecting the short
move simply because of the amount of confluence surrounding the current price movement. We have a major resistance zone, completion
of three consecutive 5 wave motive moves of different degrees, as well as divergence within the RSI. Let's see how it plays out.
If you enjoy this setup and would also like to share your perspectives on this pair, you are more than welcome. Slide in the comments
and let's see how we can manage this pair.
Targets:
-1.16500
-1.15400
Trade active
Note
SL moved to Break even
Note
The earlier trade got stopped out at break even as price reversed to give us a lovely double top pattern of which then gave me a re-entry confirmation signal. SL is currently at break even and I will be observing EU's movement as the week goes.
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