Euro / U.S. DollarShort
EUR/USD: multi-timeframe perspective. Time to go short?
Firstly, taking a look at the 8H timeframe, we may notice that the price has left a massive wick candle to the upside and rejected the zone of resistance plotted on the graph that lines up with the 0.382 Fibonacci retracement level.
Later, zooming into the H1 timeframe, we can observe that the price has attempted to break above the sideways-moving rectangular range illustrated on the chart, but has re-entered the borders of it and has re-tested the upper boundary of the box.
With the Stop Loss above the recently-formed top, we are expecting for the price to keep pushing to the downside and reach the crucial area of support projected on the graph.
Later, zooming into the H1 timeframe, we can observe that the price has attempted to break above the sideways-moving rectangular range illustrated on the chart, but has re-entered the borders of it and has re-tested the upper boundary of the box.
With the Stop Loss above the recently-formed top, we are expecting for the price to keep pushing to the downside and reach the crucial area of support projected on the graph.
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