Kumowizard
Short

EURUSD - Days of USD bears could soon be over

FX:EURUSD   Euro / U.S. Dollar
50 3 0
From now on we can look to build short positions on EURUSD             as the odds coming to the bearish side. Signals on Daily chart - MACD bearish cross, Stoch bearish cross, watch px             breaking out from the bearish wedge soon!
Signals on 4 Hrs             time frame - Tenkan/Kijun weak sell signal ( bearish cross), Chikou Span drops below price, Price is below Kijun and 100 WMA , Price attempts to break below the Kumo (cloud). However Stoch is oversold and we still have this uptrend line there.
Strategy: Accumulate shorts on any spikes between 1,3860 - 1,3890. This is basically a Kijun and Kumo retest strategy. Size up short in case Price breaks below trendline and the horizontal 1,3800 support.
Yesterday price broke down 1,3800-1,3810 support. As it has become short term a bit oversold (4 Hrs Slow Stoch turning up again), we may see a bounce back to 1,3820-1,3840 levels, where we can look for selling opportunity again.
Reply
If you added the Long term TL going back to 2008, which was breached, has now been retested from above. A weekly close below
that TL would be a start for accumulated USD strength imo. Until then, shorting from this level is more of a intraday trade, looking
for some target around 1,3780 area. There are some serious targets above 1,40 that may create another wave up before a deeper
drop. Not very clear right now.
Reply
You are right. Major trend reversal will take place after EURUSD breaks below 1,3720-1,3700 levels. But that is still 100-150 point that can be made on a short if the strategy works.
Reply
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