Sforex
Short

EURUSD: Reject key trendline . What next ?

FX:EURUSD   Euro / U.S. Dollar
501 0 3
Like I said in this topic:

I watch the long term bearish trendline carefully ( purple line I draw on the chart). If E/U rejects this trend line , the downtrend will come back despite EZ strong data.

And now I see indeed E/U rejected this trend line .

E/U bounced back from 1.1400 level.

Look at on the RSI indicator, RSI retest 60 many times, it means it cann't break above 60 --> signal for pullback from 60.

If RSI falls down -->E/U falls down as a result.

One more thing , Look at on the chart.

Ichimoku cloud + SMA500 + SMA100+ EMA50 converge at 1.1050; this proves this is a strong support.
Next strong support at 1.08 I draw on the chart.

This is two targets I watch.

- Back to Fundamental.

Next week, there is no major EZ data, but we have a risk event on Wednesday with FED Meeting where market expects FED Chairwomen Yellen will use this event to prepare for the first rate hike.

I think from now to that event, market will SELL EUR agressively and BUY Dollar ahead the event.

Strong US data + hawkish comment from FED support strongly on Dollar bull.

So what I will do now ?.

I will OPEN A SHORT POSITION OF EURUSD             AT 1.1230 , STOP LOSS AT 1.1400, TAKE PROFIT AT 1.1050 AND 1.08


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