pipinsight

EURUSD Short

Short
FX:EURUSD   Euro / U.S. Dollar
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3
Analytics:
D
- RSI divergence (down)
- Broke RSI uptrend line
- Volume decreasing on buying
- MACD crossover into downtrend
- Wed, Fed Interest Rate hike decision (a hike should increase USD value)

H
- Broke support line and retested (but weak RSI retest and broke back across support line)
- RSI divergence to retest line with 50 RSI
- Volume decreasing on buying
- Broke downtrend line, expecting retest lower

Concerns:
H
- RSI divergence (up)
- MACD strong uptrend but showing signs of reversal (Histogram decreasing)
- Possible wait for price to meet EMA 50 (grey line)

Target:
1) 1.1140 (daily uptrend line)
2) 1.1109 (next support line)
3) 1.1000 (next support line)
Comment: Stop-loss:

1) above support line (1.1205)
2) above EMA 50
3) above last lower-high (1.1214)
Comment: Concerns (2):
- Price in possible pennant shape
Order cancelled: Price is in a pennant and sellers havent taken over price from support line. Wait to see reaction at support line for decision. Suspect it will be a buy.