EUR/USD Short Setup
Rejected the weekly resistance level with spinning top and pinball formations.
Met 61.8 fib level on the daily and wasn't able to take that out and saw bearish momentum shortly after.
Seemed to be a false breakout of the daily trend line and now we can see price action coming back to the downside and below the 8 EMA which confirms that this trend line should be respected.
Using the dollar index as a confluence we can see it is well supported at the 96.00 level and should pick up some strength around this region which would add more bearish momentum to EUR/USD.
Target 100 pips with 60 pips stop as price may come back up to retest 1.1460 once again.
Met 61.8 fib level on the daily and wasn't able to take that out and saw bearish momentum shortly after.
Seemed to be a false breakout of the daily trend line and now we can see price action coming back to the downside and below the 8 EMA which confirms that this trend line should be respected.
Using the dollar index as a confluence we can see it is well supported at the 96.00 level and should pick up some strength around this region which would add more bearish momentum to EUR/USD.
Target 100 pips with 60 pips stop as price may come back up to retest 1.1460 once again.
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