elroy.galbraith
Short

EURUSD short in response to US dollar demand growth

FX:EURUSD   Euro / U.S. Dollar
35 0 0

Starting with a daily chart of the dollar index            

snapshot

1. Lower supply area identified as 93.00-93.48
2. Upper demand area identified as 96.90-97.54
3. Price making higher lows and just broke through a resistance line. Bullish bias
4. Fib retracement between 93.00 and 97.54 drawn. Noteworthy price between 78.6% and 61% is 96.25.

So I'm expecting the US Dollar             Price is to fall slightly before rebounding up.

So my bias on the EURUSD             is bearish . From the daily chart of the EURUSD:

snapshot

1. Lower supply zone identified as 1.0950-1.1143
2. Upper demand zone identified as 1.1283-1.1362
3. Price been forming lower highs while bouncing off a resistance line, suggesting bearish trend
4. Fib retracement between 1.0950 and 1.1362 drawn. Noteworthy price between 78.6% and 61% is 1.1215.

So I'm expected the EURUSD             to rise before continuing downwards


My Trade plan for next week
Pair: EURUSD            
Entry: 1.1218
Stop: 1.1238
Limit: 1. 1148
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