EURUSD Short - H1 timeframe - multiple resistance levels
OK so EURUSD has tried to break its S1 resistance a couple of times and is failing to do so.
As a result, EMA50 has come in to almost hit S1 support, along with a downward trend line and previous fib 236.
RSI is also bearish with lower lows.
4 combined levels of resistance with the bearish RSI and general bearish trend of the pair means this would appear to be a very strong shorting opportunity.
Currently targeting the previous low as a TP with a SL at just above the previous high. However, I suspect the pair has further to go so may end up trailing the stop (if indeed it goes short).
if it does break through this combined resistance level, I would anticipate a sharp impulse to long.
Either way, definitely a pair to watch over the rest of the day I would suggest!
As a result, EMA50 has come in to almost hit S1 support, along with a downward trend line and previous fib 236.
RSI is also bearish with lower lows.
4 combined levels of resistance with the bearish RSI and general bearish trend of the pair means this would appear to be a very strong shorting opportunity.
Currently targeting the previous low as a TP with a SL at just above the previous high. However, I suspect the pair has further to go so may end up trailing the stop (if indeed it goes short).
if it does break through this combined resistance level, I would anticipate a sharp impulse to long.
Either way, definitely a pair to watch over the rest of the day I would suggest!
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