EURUSD Short
I recently decided to short the EUR/USD pair and wanted to share why I made this move.
Daily Time Frame
On the daily chart, EUR/USD broke through the key 1.07 resistance but hit a wall at a critical point where the 50% Fibonacci retracement level meets the 21-day moving average. This spot is attracting sellers, hinting at a possible drop to new lows.
4-Hour Time Frame
On the 4-hour chart, a bearish price action candle has formed, indicating potential downward momentum. This signal, combined with the overall market sentiment, suggests that the pair might be gearing up for a drop towards the 1.07 handle
1-Hour Time Frame
On the 1-hour chart, there's a crucial support area around 1.0690, which was previous resistance. If the price breaks below this level, it would align with the overall downtrend seen in the higher time frames, reinforcing the bearish outlook. However, this is also a good T/P target for my current short.
Fundamental Context
The broader economic picture supports my bearish view. The Eurozone’s CPI came in lower than expected, and both manufacturing and services PMIs are in decline. Plus, the ECB is expected to cut rates soon, while the US dollar remains strong thanks to positive economic data.
Daily Time Frame
On the daily chart, EUR/USD broke through the key 1.07 resistance but hit a wall at a critical point where the 50% Fibonacci retracement level meets the 21-day moving average. This spot is attracting sellers, hinting at a possible drop to new lows.
4-Hour Time Frame
On the 4-hour chart, a bearish price action candle has formed, indicating potential downward momentum. This signal, combined with the overall market sentiment, suggests that the pair might be gearing up for a drop towards the 1.07 handle
1-Hour Time Frame
On the 1-hour chart, there's a crucial support area around 1.0690, which was previous resistance. If the price breaks below this level, it would align with the overall downtrend seen in the higher time frames, reinforcing the bearish outlook. However, this is also a good T/P target for my current short.
Fundamental Context
The broader economic picture supports my bearish view. The Eurozone’s CPI came in lower than expected, and both manufacturing and services PMIs are in decline. Plus, the ECB is expected to cut rates soon, while the US dollar remains strong thanks to positive economic data.
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