Short on EUR/USD trade idea. Do not take as a signal.
Weekly showing a downtrend. Confluence on the daily also. Massive rejections from the resistance zone. 4H again in confluence. Found some support, will be why the weekly and the daily candle closed unshaven. The 5 last candles before the break on the 4H were rejecting support and bouncing about. Current candle opened in support zone but looks to be keeping momentum. Tiny Tiny wick, nothing too drastic. 1H - Melting, but without much urgency. Lhs and LLs.
Moving average crossed over price. The last big candle burst through the moving averages, now reaching support but with momentum. I see no clear entry on the 4H until we get a retest of the S/R zone if price is drawn to the downside when the market opens.
Another semi confirmation is that price is in a possible channel. So with a lot of back and forthing, it will hopefully burst through this support zone and reach the stronger support way down there at 1.07817.
Moving average crossed over price. The last big candle burst through the moving averages, now reaching support but with momentum. I see no clear entry on the 4H until we get a retest of the S/R zone if price is drawn to the downside when the market opens.
Another semi confirmation is that price is in a possible channel. So with a lot of back and forthing, it will hopefully burst through this support zone and reach the stronger support way down there at 1.07817.
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If all goes to plan, then we have a 361.4 pip TP with a 46.9 SL.
