After failing to take out 1.3200 with 3 rejections on 4hr TF, along with a nice bearish rejecting candlestick formation on the Daily (Evening Star followed by a Shooting Star) this leads me to believe that the sellers are in control of the EURUSD pair in the near term. A break of 1.2295 followed by a retest of this level is what will confirm this trade and make it valid, Risk Reward 1.34 isnt the greatest but i am liking the look of the price action with this pair and a break of 1.2295 should see us continue down to target 02/04/95 lows of 1.11850.
IF price fails to break 1.2295 then this trade idea becomes invalid and i will re asses the market for a directional bias.
IF price fails to break 1.2295 then this trade idea becomes invalid and i will re asses the market for a directional bias.