EURUSD: Price action in favor of the Short structureAs per the title, I find a nice Short trigger on the main currency pair.
Observing the weekly chart, according to my way of seeing the market, the bearish structure begins in the week of August 21st (highlighted by the purple candles through my personal LuBot indicator).
The current week, it has formed a pinbar with a higher high than the previous one, thus generating a very captivating price action for a short continuation on breaking the low. In this way we would have a second swing in favor of the trend.
Going down to the Daily chart, as shown in the main chart, we can see the confirmation of the bearish structure with the purple candles and the formation of a short trigger with the false break of the previous highs and return to trend.
I have already entered a market order on breaking the low, and other entries will follow if the market makes a further retracement with a consequent short trigger.
The caution level at which the trade could be exited is at 1.0525 which it has bounced off of in the past.
We will see what the behavior will be based on the next movements and we will manage the position accordingly.
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TAGS: OANDA:GBPUSD , OANDA:NZDUSD , OANDA:AUDUSD , OANDA:USDJPY , FX:EURUSD , FOREXCOM:EURUSD , FX_IDC:EURUSD , PEPPERSTONE:EURUSD , EASYMARKETS:EURUSD
