EURUSD: Sell opportunity (short term).

OANDA:EURUSD   Euro / U.S. Dollar
The pair rose aggressively yesterday (4H RSI = 66.493) following the lower than expected ISM Manufacturing PMI and is testing today the 1.10910 - 1.11000 4H Resistance Zone . With the RSI near the 1 month peak, we are expecting a rejection towards the 1.09900 - 1.09800 4H Support Zone again.

The 4H MA200 is acting as a sell accumulation point (see the orange trend line ) but attention is needed as a prolonged consolidation there and a sudden break above 1.11000 can form a Golden Cross towards the 1.11800 1D Resistance. Note that the heavy speculation for Friday's Nonfarm Payrolls can have that effect.

This doesn't alter our long term bearish outlook towards 1.08900 - 1.08440 as illustrated by the October 23 analysis below:

** If you like our free content follow our profile ( to get more daily ideas. **

Comments and likes are greatly appreciated.
High quality portfolio management, asset allocation with excellent risk management. Grow your account, achieve steady profit levels and increase your trading edge with InvestingScope (
i agree
+2 Reply
InvestingScope wolvesmartstore
@wolvesmartstore, Nice. So far so good it is consolidating within the green pattern.
Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Help Center Refer a friend Feature Request Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out