EURUSD Short - Buyer Exhaustion, Confirmation of Sellers
A short-term selling opportunity for EURUSD as the dollar is technically oversold.
The bull strength is seen exhausted since it reached 1.142.
Then there's a remaining strength which pushed the price into the 1.145 supply zone, forming a minor rising wedge.
This minor rising wedge that ends in the supply zone is a strong sign that the bull is over.
After it broke below the wedge, another minor retracement came about, extending the ranging movement in order to absorb more volumes.
The 2nd confirmation came just a while ago where the price broke below the minor retracement trendline.
Traders can consider going for a short at the current price.
It is crucial to observe the current movement to see if there's enough sellers attracted to this price for a successful sell opportunity.
The bull strength is seen exhausted since it reached 1.142.
Then there's a remaining strength which pushed the price into the 1.145 supply zone, forming a minor rising wedge.
This minor rising wedge that ends in the supply zone is a strong sign that the bull is over.
After it broke below the wedge, another minor retracement came about, extending the ranging movement in order to absorb more volumes.
The 2nd confirmation came just a while ago where the price broke below the minor retracement trendline.
Traders can consider going for a short at the current price.
It is crucial to observe the current movement to see if there's enough sellers attracted to this price for a successful sell opportunity.
