In the H1 timeframe, the EUR/USD currency pair is currently exhibiting an overbought Relative Strength Index (RSI) condition. The price action indicates the formation of a right shoulder within a potential Head & Shoulders pattern. Based on our analysis, we anticipate a reversal from this point, suggesting a new short position opportunity.
In contrast, the USD/JPY pair is experiencing an upward trend, indicating strength in the US dollar. This negative correlation between the EUR/USD and USD/JPY pairs could potentially serve as a positive signal for our anticipated scenario of a reversal and a new short position on the EUR/USD.
Considering these factors and the technical indicators, we believe there is a compelling case for initiating a short position on the EUR/USD currency pair. However, as with any trading decision, it is important to carefully monitor the market conditions, manage risk effectively, and adapt the strategy accordingly.
In contrast, the USD/JPY pair is experiencing an upward trend, indicating strength in the US dollar. This negative correlation between the EUR/USD and USD/JPY pairs could potentially serve as a positive signal for our anticipated scenario of a reversal and a new short position on the EUR/USD.
Considering these factors and the technical indicators, we believe there is a compelling case for initiating a short position on the EUR/USD currency pair. However, as with any trading decision, it is important to carefully monitor the market conditions, manage risk effectively, and adapt the strategy accordingly.
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