InvestingScope
Short

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 (https://www.tradingview.com/u/InvestingS...) 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 (http://www.investingscope.com).
i agree
+2 Reply
InvestingScope wolvesmartstore
@wolvesmartstore, Nice. So far so good it is consolidating within the green pattern.
Reply
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