EURUSD possible short
Updated
EURUSDhas been following a narrow converging downward band. So far it is keeping within the range.Provided there is no major fundamental mover (other than the US data on Friday), its time for EURUSD to bounce from the upper limit of the band which is also around the 23.6% Fibo level from earlier.
Stoch RSI has also peaked up above the overbought range on the D and 4h range and is moving towards it in the 1h range.
1.1770 may prove to be a not-so-strong support level, but ideally expect to grab some more pips and TP around 1.1750.
(N.B.: mentioned values to be approximated)
Trade closed: target reached
With bumps and minor retracements the EUR reached 1.1755 level.There is talks of a continued downtrend having broken the support level. It will now test 1.1700.
This is ECB week so need to keep a close eye. EURUSD is still within the band as shown in chart. We monitor around 1.1745. A break of band will ensure downtrend. Conversely, if the lower range of the band proves a buy zone we are looking at a retracement to 1.1825.
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