JeffKip
Short

EURUSD Bearish Reprieve | Profit Taking at 200 Day SMA

FX:EURUSD   Euro Fx/U.S. Dollar
60 2 2
Notes:
  • 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:
snapshot
Comment: Still in Profit:
snapshot
Comment: Targets adjusted. SL tightened. Higher highs need to be cleared for further upside.
snapshot
Comment: Previous position will be left to run to its target.
New Long position was opened.

snapshot
Trade closed: target reached: Profits booked on first trade.
nice
Reply
Thanks. :)
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
France
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out