EURUSD Probably set for further decline #forex

FX:EURUSD   Euro / U.S. Dollar
4289 10 75
Late last week rejection from the 50-days SMA , and minor descending Resistance for the latest bearish wave suggests a potential resumption to the downside.

I am looking to short the pair of any upside with the start of the week, target the latest support area around 1.0818 as a first target. Followed by 1.0520 as a longer term target. I will exit only on a break above 1.1130.

This is a guideline for the trade, I will be publishing the precise trade if price retraces slightly higher.

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Thank you.
Hi, thanks for sharing.
+1 Reply
Hi Technician,

Good analysis, I also think that the pair can have a bearish move to 1,05. As you can see on the chart below. Let's see what the market does.

Dont have big experience with EW.

a long lower shadow and then a inverted Hammer
and it may be a Bullish Engulfing Pattern
EURUSD may go higher
But that engulfing pattern has not been formed at a low, to consider entry, it has formed in a current downtrend and therefore whilst a small rise is possible, the likelihood is the downtrend will continue. If you look at structure there are already a few failed engulfing patterns.
Thanks for your input. I have to disagree. Small lower shadow actually. Also prior trend to the inverted hammer is very small downside move, and the inverted hammer actually is almost bigger then the prior move. So for me, its bearish. Not bullish engulfing as well as engulfing candle should engulf all the prior day range, also should close near the highs.
+1 Reply
you are right target around 1.13 after that big sell good luck
I think that the second target is 1.066
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