EURUSD - Intraday - We look to Sell at 1.2229 (stop at 1.2252)
Price action has formed a bearish ending wedge formation.
Reverse trend line resistance comes in at 1.2230.
Preferred trade is to sell into rallies.
The bias is to break to the downside.
Bearish divergence can be seen on the daily chart (the chart makes a higher high while the oscillator makes a lower high), often a signal of exhausted bullish momentum, or at least a correction lower.
Our outlook is bearish.
Our profit targets will be 1.2163 and 1.2143
Resistance: 1.2200 / 1.2230 / 1.2240
Support: 1.2180 / 1.2160 / 1.2135
Price action has formed a bearish ending wedge formation.
Reverse trend line resistance comes in at 1.2230.
Preferred trade is to sell into rallies.
The bias is to break to the downside.
Bearish divergence can be seen on the daily chart (the chart makes a higher high while the oscillator makes a lower high), often a signal of exhausted bullish momentum, or at least a correction lower.
Our outlook is bearish.
Our profit targets will be 1.2163 and 1.2143
Resistance: 1.2200 / 1.2230 / 1.2240
Support: 1.2180 / 1.2160 / 1.2135
