EURUSD 4hour rejecting at expected range, looking for cont. down
EURUSD 4hour made a swing low below the previous level of support and then rallied to to the previous range. By trading assuming trend-continuation/failure, I'm taking shorts in the pink-circle range with stop-losses above.
I'm expecting a visit of untested levels indicated by the pink line, and then one of the two scenarios I drew.
If we break below the pink line on a test of that level, I'd expect a test of the most recent swing low.
If we break below that swing low, then look on higher timeframes for previous resistance to act as the next support.
I'm expecting a visit of untested levels indicated by the pink line, and then one of the two scenarios I drew.
If we break below the pink line on a test of that level, I'd expect a test of the most recent swing low.
If we break below that swing low, then look on higher timeframes for previous resistance to act as the next support.
Comment:
Price rejecting the pink circle as expected and moving lower.