Here are the reasons on EUR/USD short potential :
- Monthly chart is forming a leg down after a double top pattern, and resuming to it's major support @1.08652
- Weekly chart is showing an overall bearish trend
- Daily chart is also bearish, but bouncing from it's support @1.11766 as a correction to the upper side
- 4H chart is showing a clear image of a pullback to it's resistance @1.12816
- H1 chart with Fibonacci confirmed a break on 0.618 level and continuing to 0.786 (this is also confirmed by OsMA indicator). If it rejects, then a short pattern is confirmed
Conclusion
Don't take any positions for now, and wait for the confirmation of short position as I mention above. I will post more for the analysis update on
EURUSD
- Monthly chart is forming a leg down after a double top pattern, and resuming to it's major support @1.08652
- Weekly chart is showing an overall bearish trend
- Daily chart is also bearish, but bouncing from it's support @1.11766 as a correction to the upper side
- 4H chart is showing a clear image of a pullback to it's resistance @1.12816
- H1 chart with Fibonacci confirmed a break on 0.618 level and continuing to 0.786 (this is also confirmed by OsMA indicator). If it rejects, then a short pattern is confirmed
Conclusion
Don't take any positions for now, and wait for the confirmation of short position as I mention above. I will post more for the analysis update on
EURUSD