This is my current idea for what will play out next on EURUSD. On the daily we have broken a previous resistance zone and are currently re-testing the new support. Additionally, the EMAs are demonstrating a strong bullish uptrend on our higher timeframe. Please give me any suggestions or ideas!
This 270 pip short setup for EURAUD is based on a few confluences: - High RSI on 4H timeframe - Retracement to 20 EMA and 1.4650 resistance zone - Moving averages showing overall downward trend on 4H timeframe - H&S formation on daily timeframe Please let me know your thoughts in the comments!