EURUSD SHORT TRADE EXPLAINED WITH SUPPORT AND RESISTANCE ZONE

EURUSD is very choppy market and trading in the zone. As you can see on the chart that 200 day EMA is above the 1.10 level, but getting close to it. This should add yet another layer of resistance in this general vicinity, that people will be paying attention to. Ultimately, the market should continue to see a lot of noise which is typical for this pair, but if we break down below the bottom of the candlestick for the trading session on Thursday, it is likely that the market goes looking towards the 50 day EMA, and then breaking down below there even opens up a move all the way down to about 1.08, which extends down to the 1.0750 level, offering a bit of a “floor” in this market currently. Looking at this chart, it seems as if the volatility is going to continue to be nauseating, so you need to be cautious about your position size. Ultimately, playing the range is the best thing you can do at the point, but if we get a daily close above the 200 day EMA then things could be changing.