EURUSD - 4hrs Trading Idea ( Short Trade 130 PIP

Pair of Name : EURUSD ( Euro / U.S. Dollar )
[ Time Frame : 4H
[ Direction : Short
[ Type : Mid Swing
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Description

I am expecting price to go down to fill out the imbalances.
That the price made on its way up to recover some of the other imbalances. But there is a chance that this resistance level. Is turning into a support area for price but there's also chances that price can go up. As you can see, there has been formed a volume pattern. This is a clear indication. That this resistance area is turning into a support area. But only if price goes above the trend line i will make a update on it

Comment:

The Eurozone (EU) economic docket was light, though news from Germany could weigh on the common currency. The German government updated its forecasts for 2024 expecting an economic growth of 0.2%, far less than the 1.3% previously foreseen. A weaker global demand, geopolitical uncertainty, and high inflation dent an economic recovery. In 2023, the economy shrank -0.3%, expected to enter a recession in the first quarter of 2024.

Regarding the economic situation, German Economy Minister Robert Habeck added, “Looking ahead, however, we see clear signs that the trend can improve again,” at a news conference presenting the annual economic report.

Comment:

The HCOB Germany Manufacturing PMI is compiled by S&P Global from responses to monthly questionnaires sent to purchasing managers in a panel of around 420 manufacturers. The headline figure is the Purchasing Managers’ Index (PMI), which is a weighted average of the following five indices: New Orders (30%), Output (25%), Employment (20%), Suppliers’ Delivery Times (15%) and Stocks of Purchases (10%). For the PMI calculation the Suppliers’ Delivery Times Index is inverted so that it moves in a comparable direction to the other indices. The index varies between 0 and 100, with a reading above 50 indicating an overall increase compared to the previous month, and below 50 an overall decrease.