Hello Traders! In my previous ideas, I predicted that EURUSD will probably BOUNCE from 1.1109 area and that is exactly what happened last week. Through this idea, I would like to draw your attention towards a POTENTIAL SELL SET-UP that can come to fruition this week. As you can see EURUSD is approaching THREE STRONG RESISTANCES:
1) TOP of the BEARISH CHANNEL. 2) PREVIOUS DOUBLE TOP which can be a potential TRIPLE TOP. 3) 100D EMA which will act as a strong resistance. The combination of these THREE resistances gives us a STRONG BEARISH BIAS. So, DEPENDING ON BEARISH PRICE ACTION, traders can look for SELL at 1.1268-1.1300 with SL above 1.1337 TPs can be set at 1.1180, 1.1100 and 1.1040 respectively.
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This set-up is a scalper's paradise. Generating 50-70 pips everytime price goes into my sell zone