Today we saw a clear rejection from Monthly Open. For any bullish setup on 4 hourly price preferably be above that. We saw extensive congestion below weekly low. Price was unable to travel up from there (with a few poor bullish breakouts tha quickly faded). 4 hourly fractal is not completed yet, hence push to the downside is very likely.
Also, we have not tested Monthly Reversal Level yet (Camarilla S/L 3) - coincides with fractal completion. Price is very likely to reach that, very common price behaviour.
Once below Camarilla Monthly S3 observe price action - whether the bearish trendline will be broken to the upside. I doubt though it will happen, as monthly chart suggests move lower.
EURUSD sentiment is mixed now, which suggests congestion (CONGESTION MAY CONTINUE NEXT WEEK) but it may change any day.
For a good bearish setup, over 70 percent of total myfxbook eurusd lots must be bullish (follow myfxbook sentiment data, using contrarian approach for setups, except Asian session).
FOR EDUCATIONAL PURPOSES ONLY.
Also, we have not tested Monthly Reversal Level yet (Camarilla S/L 3) - coincides with fractal completion. Price is very likely to reach that, very common price behaviour.
Once below Camarilla Monthly S3 observe price action - whether the bearish trendline will be broken to the upside. I doubt though it will happen, as monthly chart suggests move lower.
EURUSD sentiment is mixed now, which suggests congestion (CONGESTION MAY CONTINUE NEXT WEEK) but it may change any day.
For a good bearish setup, over 70 percent of total myfxbook eurusd lots must be bullish (follow myfxbook sentiment data, using contrarian approach for setups, except Asian session).
FOR EDUCATIONAL PURPOSES ONLY.
Trade closed: stop reached