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MountOlympusFx

EURUSD SHORTS Weekly, Daily & 4hr BREAKDOWN.

Short
Euro / U.S. Dollar (FX:EURUSD)  
MountOlympusFx Updated   
FX:EURUSD   Euro / U.S. Dollar
Trend Analysis Chart Patterns EURUSD eurusdshort Chart patterns
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trendanalysis chartpattern eurusd eurusdshort chartpatterns
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EURUSD SHORT THESIS
• Weekly: This pair just like GBPUSD is in a strong bearish trend forming a very bearish lower low with price falling to 1.1300 rejecting off it and retracing up to 1.1850 weekly resistance. Another reason I believe this is bearish is because price is currently below both moving averages and is constantly respecting and rejecting off it. I do now expect price to fall and revisit 1.1300 weekly support.

• Daily: On the daily timeframe price is showing Lower highs (LH) & Lower lows with price forming its most recent low at 1.1343 support after breaking 1.1400 daily support. It looks like bearish momentum is slowing down with how the candles are beginning to form. However, I still do expect price to retest 1.1400 as support turn resistance and continue to the downside to 1.1300 weekly resistance.

• 4hr: On the 4hr time frame price is printing a small bearish trending forming a series of lower highs (LH). Price has already rejected off descending trendline twice, also respecting moving average as well rejecting off it twice. I do now expect a new lower high (LH) to be formed at 1.1400 daily + 0.62 fib level for a 3rd trendline bounce then we short to 1.1300 daily support.
Order cancelled:
Trade is not valid anymore as 1.1400 is going to be broken.
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