Laban132
Short

EURUSD Short setup??

FX:EURUSD   Euro/U.S. Dollar
I am still very bearish EUR, which I will probably be for the rest of the year – at the least.
I see absolutely no reason to buy EUR and it seems that it is an image that generally recur in the market. There is not really anyone who is interested in buying EUR ;)

Yesterday came another jolt in the euro             heading for the abyss.
EURUSD             broke through a key level of 1.11, resulting in the lowest price in about 11 years - since 2003.

Looking at the chart, this move was driven, mainly by the break of the previous triangle, which was broken with a bearish engulfing on February 26th. The subsequent 3 days, showed virtually no movement, but yesterday another bearish engulfing occurs, pushing the price down below 1.11.

If bears manage to keep the price below 1.11, the next strong key level is around 1,075 and I would like the price to reach that level.
If there is even some buyers back, they should show strength here and try to defend that level.
If the bulls defends 1,075, I would look for at retest of 1,11.
If this scenario plays out, I will look for 1.11 to go short as 1.11, in this case, is going to fall elegantly along with 50% to 61.8% Fibonacci retracement , aswell as the main bearish trend .

As for news, ECB press conference at 14:30 and NFP tomorrow, are both statements that may be helping to drive the EUR further down in the sand.

Comments, questions or further discussions are always welcome!

Happy Trading

// Laban132
United States
United Kingdom
India
Deutschland
France
España
Italia
Polska
Türkiye
Россия
Brasil
Indonesia
Malaysia
Việt Nam
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Priority Support Contact Support Ideas Published Followers Following Private Messages Chat Sign Out