EUR/USD potential short play.
Looking through the chart, this EUR/USD potential pullback and short play looks the most appealing.
Initially this short bias is supported with a strong supporting technical strength score of -6, with higher time frame confluences on the monthly with Septembers candle closing as a strong bearish engulfing after rejecting 1.200 key level.
Zooming in on the daily chart, my bearish bias is further supported with a bearish cross of the daily SMA's which has proven to be a strong signal for me so far after implementing this to my analysis. However price is currently to low for me to begin shorting. I would like to see a valid, sizeable pullback with price placing a strong lower high to show. change in momentum.
This lower high looks like it could form on the highlighted zone with confluences arising from either fib level and strengthened with a retest of broken daily support. If I see lower time frame rejection of this area I will look for an entry with my targets set on the 1.1600 key level next!
Initially this short bias is supported with a strong supporting technical strength score of -6, with higher time frame confluences on the monthly with Septembers candle closing as a strong bearish engulfing after rejecting 1.200 key level.
Zooming in on the daily chart, my bearish bias is further supported with a bearish cross of the daily SMA's which has proven to be a strong signal for me so far after implementing this to my analysis. However price is currently to low for me to begin shorting. I would like to see a valid, sizeable pullback with price placing a strong lower high to show. change in momentum.
This lower high looks like it could form on the highlighted zone with confluences arising from either fib level and strengthened with a retest of broken daily support. If I see lower time frame rejection of this area I will look for an entry with my targets set on the 1.1600 key level next!
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