EURUSD 05 December 2016 CORRECTION

EURUSD 05 December 2016
As we can see EURUSD already reach descending triangle support level, small correction as uptrend will happen this week, before it reach biggest downtrend target at 2001 and 2002 support level.
To find out the best sell position, stoploss and profit target, we need to look deep technical analysis at smaller timeframe.

This triangle support are important level as confirmation of downtrend at 1.050. If this level break down, 0.8540 will be maximum target as 2000-2002 support level at triangle projection.

But to enter short, we need confirmation, because this pattern not always break down, as we can see same pattern before, it break up, and bigger target for bullish perform.

Bearish position :
From weekly chart, this week will be a correction week, and some uptrend will perform with target at 618. If you waiting at bearish setup, best sell position at 1.1000 (6.18 fibonacci), and target at 1.0500 at triangle support ot at 172.2 fibonacci. Use small stoploss at triangle resistance line, and stop if this line break up.
Opening sell position : 1.1000
Profit target : 1.0500 or 1.0375
Stoploss : 1.1100

For bullish setup,
since we still waiting for short opening, we may consider to buy EURUSD with very small stoploss. Best target for bullish are 1.1000, and stoploss bellow support level at 1.0435