EURUSD: A Nice Retracement Provides Better Short Opportunities
-INTRODUCTION-
EURUSD has reach a new low at the 1.0350 level. From the new support area, we can see that price has formed a bearish flag channel, retracing slowly and nicely to the previous resistance levels. This retracement gives a great opportunity to short from a higher price level to target the recent new low at 1.0350. In addition, we can see from the weekly chart that 1.0350 level is a very strong support level. From the past price action, the price consolidated at this level for more than 2 ~ 3 months, repeatedly retracing and retesting the support area. Therefore, we expect a few more retests of the 1.0350 level and will be looking to enter sell positions after a retracement.
-TRADING PLAN-
Currently, the price is moving within a bearish flag channel, aiming for the resistance level of 1.0650. Reaching this level would mean a 300-pip retracement. If breaks above, the price could reach the next resistance level of 1.0700, which is a 350-pip retracement. From one of those resistance levels, we will look for a consolidation pattern followed by a sharp bearish price impulse taking down the price.
Check out our previous Euro currencies trading ideas below :)
EURUSD has reach a new low at the 1.0350 level. From the new support area, we can see that price has formed a bearish flag channel, retracing slowly and nicely to the previous resistance levels. This retracement gives a great opportunity to short from a higher price level to target the recent new low at 1.0350. In addition, we can see from the weekly chart that 1.0350 level is a very strong support level. From the past price action, the price consolidated at this level for more than 2 ~ 3 months, repeatedly retracing and retesting the support area. Therefore, we expect a few more retests of the 1.0350 level and will be looking to enter sell positions after a retracement.
-TRADING PLAN-
Currently, the price is moving within a bearish flag channel, aiming for the resistance level of 1.0650. Reaching this level would mean a 300-pip retracement. If breaks above, the price could reach the next resistance level of 1.0700, which is a 350-pip retracement. From one of those resistance levels, we will look for a consolidation pattern followed by a sharp bearish price impulse taking down the price.
Check out our previous Euro currencies trading ideas below :)
منشورات ذات صلة
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منشورات ذات صلة
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.