EURUSD Short setup??
I am still very bearish EUR, which I will probably be for the rest of the year – at the least.
I see absolutely no reason to buy EUR and it seems that it is an image that generally recur in the market. There is not really anyone who is interested in buying EUR ;)
Yesterday came another jolt in the euro heading for the abyss.
EURUSD broke through a key level of 1.11, resulting in the lowest price in about 11 years - since 2003.
Looking at the chart, this move was driven, mainly by the break of the previous triangle, which was broken with a bearish engulfing on February 26th. The subsequent 3 days, showed virtually no movement, but yesterday another bearish engulfing occurs, pushing the price down below 1.11.
If bears manage to keep the price below 1.11, the next strong key level is around 1,075 and I would like the price to reach that level.
If there is even some buyers back, they should show strength here and try to defend that level.
If the bulls defends 1,075, I would look for at retest of 1,11.
If this scenario plays out, I will look for 1.11 to go short as 1.11, in this case, is going to fall elegantly along with 50% to 61.8% Fibonacci retracement, aswell as the main bearish trend.
As for news, ECB press conference at 14:30 and NFP tomorrow, are both statements that may be helping to drive the EUR further down in the sand.
Comments, questions or further discussions are always welcome!
Happy Trading
// Laban132
I see absolutely no reason to buy EUR and it seems that it is an image that generally recur in the market. There is not really anyone who is interested in buying EUR ;)
Yesterday came another jolt in the euro heading for the abyss.
EURUSD broke through a key level of 1.11, resulting in the lowest price in about 11 years - since 2003.
Looking at the chart, this move was driven, mainly by the break of the previous triangle, which was broken with a bearish engulfing on February 26th. The subsequent 3 days, showed virtually no movement, but yesterday another bearish engulfing occurs, pushing the price down below 1.11.
If bears manage to keep the price below 1.11, the next strong key level is around 1,075 and I would like the price to reach that level.
If there is even some buyers back, they should show strength here and try to defend that level.
If the bulls defends 1,075, I would look for at retest of 1,11.
If this scenario plays out, I will look for 1.11 to go short as 1.11, in this case, is going to fall elegantly along with 50% to 61.8% Fibonacci retracement, aswell as the main bearish trend.
As for news, ECB press conference at 14:30 and NFP tomorrow, are both statements that may be helping to drive the EUR further down in the sand.
Comments, questions or further discussions are always welcome!
Happy Trading
// Laban132
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