EURUSD: Fundamentals Are Against The EURO! SHORT Move Favorable
A tricky scenario regarding the EURUSD! Its too oversold however the fundamentals are still very much against the EURO here. A LONG move is being capped by multiple resistance and one of the nearest trendline capping its growth is visible on the main 4H chart. Therefore a SHORT move would be favorable shall the technical criteria meet, one of them being the daily candle to needs to close below 1.09100 support which would likely give way to further drop in price.
Even if the above criteria is fulfilled, the price needs to retrace considerably before a SHORT trade could be executed and to achieve a 1:1 RR. Also note that if the price hits TP target first then retraces, the trade becomes invalid. Therefore a retrace needs to take place first. All the vital details are present on the main chart to observe.
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Even if the above criteria is fulfilled, the price needs to retrace considerably before a SHORT trade could be executed and to achieve a 1:1 RR. Also note that if the price hits TP target first then retraces, the trade becomes invalid. Therefore a retrace needs to take place first. All the vital details are present on the main chart to observe.
Cheers, I hope you find this insight helpful. Please LIKE & FOLLOW for more insights into other major currency pairs.
