EURUSD Bearish Reprieve | Profit Taking at 200 Day SMA

FX:EURUSD   Euro / U.S. Dollar
60 2 2
  • 200 Day SMA acting a formidable support at 1.1100.
  • Profit taking should take place at this point, temporarily halting the bear run that began in early May.
  • Provided that the Fed is on course for a Rate Hike in June, I maintain a Bearish bias on this pair.
  • With that being said, I look to the 1.22 - 1.23 zone for further Shorts due the technical confluence presented on the chart. The 25-Day EMA can also be extrapolated to this area that should act as good resistance.
  • Alternatively, a Weekly close below the 50 Week SMA would be further indication for increased Bearish traction.
  • Provided that the ECB and FOMC Rate Path and Monetary Policies remain at a differential, the pair should experience a general slow creep to the downside, especially now that a major ascending trend-line has broken (on chart)
Alternative Scenario 2:
  • 1.118 holds as Resistance on a break of the wedge shown on the H4 TF.
  • Price remains trapped within a range bound by the the 25-Week EMA and the 50 Week SMA up until the lead-up to June FOMC Rate Decision.

Long term Short-side Target at 1.100.
Trade active: Low risk attempt at a Long till 1.2200;
Stops below 200 Day SMA.
Comment: Still in Profit:
Comment: Targets adjusted. SL tightened. Higher highs need to be cleared for further upside.
Comment: Previous position will be left to run to its target.
New Long position was opened.

Trade closed: target reached: Profits booked on first trade.
Thanks. :)
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