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KhaleemAli

EUR/USD Short - a descending wedge, testing monthly resistance

Short
Euro / U.S. Dollar (FX:EURUSD)  
KhaleemAli Updated   
FX:EURUSD   Euro / U.S. Dollar
EURUSD euro short Wedge Support and Resistance
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eurusd euro short wedgepattern supportandresistance
Fully technical based. the chart is in a descending wedge and is now looking to bounce off the upper trend line in conjunction with the monthly resistance. I could have had a better entry, but didn't want to risk it going further down before touching the upper trend line again. EUR/USD SHORT.
Comment:
the price will also struggle to get past the wedge pattern as there is a 4hr resistance barrier and the touching the monthly resistance. Now is the best time to short.
Comment:
Risk/Reward: 1.98
Trade active:
EUR/USD is now moving in the predicted direction, bearish after hitting the wedge. Still in negative because of the not so great entry. But should soon be in profit, will probably take some time to hit TP however.
Trade closed: stop reached:
After the economic data, the pair moved in the opposite direction and out of the wedge, hitting the SL. Will keep an eye on it to see if it re-enters the wedge or continues up and through the monthly resistance.
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