EUR-USD PAIR IS IN CONSOLIDATION AFTER STRONG BEARISH MOVE SINCE BEGINNING OF MAY-2020. WE CAN PREDICT THAT THE PAIR MIGHT CONTINUE IT'S PREVIOUS BEARISH TREND ON H-1 CHART. SO, WE SHOULD LOOK FOR BEARISH TRADE SETUPS WHICH CAN GIVE US TREND CONTINUATION SELL OPPORTUNITY.
WE FOUND TWO REASON CONFIRMING OUR BEARISH BIAS ON THE PAIR ON H-1 CHART
1) DOUBLE TOP (H-1)
2) POTENTIAL BEARISH GARTLEY FORMATION (H-1)
SELL ENTRY: 1.0870
STOP LOSS: 1.0912
TARGET-1: 1.0835
TARGET-2: 1.0812
TRADERS CAN ALSO SHOOT FOR EXTENDED TARGETS TOWARDS 1.0740 OR EVEN UP TO RE-TEST OF YEAR-2020 LOWS NEAR 1.0650, WHICH WILL GIVE MORE FAVORABLE RISK REWARD RATIO.
WE FOUND TWO REASON CONFIRMING OUR BEARISH BIAS ON THE PAIR ON H-1 CHART
1) DOUBLE TOP (H-1)
2) POTENTIAL BEARISH GARTLEY FORMATION (H-1)
SELL ENTRY: 1.0870
STOP LOSS: 1.0912
TARGET-1: 1.0835
TARGET-2: 1.0812
TRADERS CAN ALSO SHOOT FOR EXTENDED TARGETS TOWARDS 1.0740 OR EVEN UP TO RE-TEST OF YEAR-2020 LOWS NEAR 1.0650, WHICH WILL GIVE MORE FAVORABLE RISK REWARD RATIO.