JallenForex

EURUSD | Downside expected

Short
FX:EURUSD   Euro / U.S. Dollar
Downside movement is expected for the Euro against the US Dollar in coming weeks.

1W:
On the weekly chart we saw a large head & shoulders reversal pattern form, and price has since broken below the neckline support & found sustained resistance holding below it.

We've also seen a smaller ascending trend line broken to the downside with a weekly candle close showing clear rejections of higher prices.

1D:
Scoping down to the daily chart gives us a clearer look at the broken ascending trend line /triangle type pattern.
We can see on the daily chart a clear break & retest of this level with a bearish candle close on Friday setting us up for continued downside movement.

Sells will be placed early in the week with a stop loss above the most recent high.

Updates will be posted as the trade plays out.