UrbanForex

EURUSD 240 sell

Short
FX:EURUSD   Euro / U.S. Dollar
As you can see from the daily chart we have been in a down trend and just recently hit a low. From the higher TF we are testing the recent low and price really has not had the power to push price up from here. On the 240 chart we have pulled back to a key area and momentum has started fading. The most recent 240 candle is very aggressive and I like how the sellers are showing up. One candle has taken out the previous 6 candles. I would like to see price struggle to go up (not making a higher high) and then I will look to take a short.

My only hesitation is the EUR group as a whole is pretty strong. USD has been weak, but over the last couple of hours has started picking up strength. The good thing is a lot of the USD crosses are at areas where price could turn, so further USD strength could be in the cards.

All the analysis is based on techniques from:

www.urbanforex.com/

Check out our in house strength meter app we use for all our analysis on the app store.

FX Meter : itunes.apple.com/us/app/fx-meter/id1286671384?ls=1&mt=8

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