Short

EURUSD on Team Bear

Updated

Looking at the daily timeframe , EURUSD 0.01% has been on the downtrend since May. Given current economic uncertainty, I don't see this changing anytime soon so I expect the downtrend to continue for some time to come.

Featured tool: Modified Schiff pitchfork
(I'm relatively new to trading so this is a kind of a revelation to me.)

Note

Price has been repeatedly attempting to break through 1.1130, and though it managed to breach it once, it couldn't stay there. I was expecting price to drop further down a little bit before retracing to the 0.382 line of the pitchfork (light blue line). This could mean that even if price manages to break through 1.113, price could hit Target Area 1, but may not have momentum to go further below.

We'll see tomorrow.

Note

Target 1 reached. We can expect a pullback here.

Order cancelled

Note

This trade is still valid for anyone still interested in following. I will post an updated chart soon.

xadiq

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