EUROUSD ABCD short
Monthly: ranging, but quite bearish
Weekly: bearish pressure, h&S formed, broke neckline and
it is retesting it now.
---> The USD is showing a bearish out look for next
week...before reversing to the upside, this may favor a rise
of the euro to the area of confluences we identified....be
patient and wait for the right price action to form.
Path of least resistance: trading below 200, 50 and 20
EMA,TL, 20EMA, key line, go against the trend
Confluences:
1. Bounce off a key area
2.0.5 fib (almost reached)
3. deceleration
4.bearish divergence in the daily and in the 1H and
H&S formingon the 1H
Other confluences: fundamental bearish sentiment on the
euro . GBPUSD is forming a similar setup.
Weekly: bearish pressure, h&S formed, broke neckline and
it is retesting it now.
---> The USD is showing a bearish out look for next
week...before reversing to the upside, this may favor a rise
of the euro to the area of confluences we identified....be
patient and wait for the right price action to form.
Path of least resistance: trading below 200, 50 and 20
EMA,TL, 20EMA, key line, go against the trend
Confluences:
1. Bounce off a key area
2.0.5 fib (almost reached)
3. deceleration
4.bearish divergence in the daily and in the 1H and
H&S formingon the 1H
Other confluences: fundamental bearish sentiment on the
euro . GBPUSD is forming a similar setup.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.