EURUSD has continued it’s overall for the past few weeks. But just last week, the price has stopped its downward push and it looks to be retracing. I really want to get a share of the bearishness of this pair but for me to enter the trade, I want this pair to retrace first. I highlighted an area of a possible resistance to the pair since this area has served a very good support before. I will look for a possible short entry in this area this coming week. I am worried though that the market will retrace a little farther up and reach the 0.382 or 0.50 fib level.
If we look at the 4HR time frame, there is a that will be tested around the highlighted area if the market will continue it’s retracement. I was also able to find another resistance line at 1.090 where it was able to support and resist the price action historically. I now have two more valid reasons where this market could potentially stop it’s retracement.
If we look at the 1hr time frame, we can also see a possible completion of a pattern at around 1.0870 as shown in the published setup.
There are a lot of reasons where the EURUSD would be a sell in the coming days but all of these plans will only be valid if the price would actually retrace to the specified levels. I am hoping to see the market slow down it’s retracement in those key areas and hint a continuation of the downward move so I could enter this market as planned. Hoping for the best.
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