We prefer to go short on EUR/USD

FX:EURUSD   Euro / U.S. Dollar
Positioning Bias:

EUR/USD made a low of 1.17530 and has recovered slightly from that level. Overall trend is bearish as long as 1.1950 holds.

On the downside major support is around 1.17530 and any break below will target 1.1685/1.1640 in short term.

EUR/USD short term resistance around 1.1950 (23.6% retracement of 1.25685 and 1.17530) and any break of will target 1.205/1.2185 in short term.

Overall trend reversal on 1.2245 (support turned into resistance)

Indicator (4 Hour Chart)
CCI (50) – Sell
CCI (14) – Sell
Ichimoku- Sell

Recommendation: Sell EUR/USD around 1.1855, SL 1.1951, Target 1.164.


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