pipared1

EURUSD MAY BE LOSING STEAM

Short
FX:EURUSD   Euro / U.S. Dollar
Based on monthly key support levels from 2014, I will assume that these levels will be retested as resistance. Nice wick formed right around the 1.19238 level and I am watching for price to drawback from the current strong uptrend to the 1.16791 level. This level may be a target and may possibly be indicative of prior monthly resistance which could reverse into a support area. Awaiting high impact news for the USD 8/3/17 around 8:30AM (Central Time) meaning a good chance for reversal after showing a break of 2 major resistance levels for a span of more than 1,000 pips since mid April 2017 showing little signs of a trend reversal. I am waiting for any signs of trend reversal to the downside or a continuation of trend around the 1.18526 my first area of interest and my second area of interest is 1.20417. Awaiting a bearish engulfing candle for a sell entry and watching for price to either bounce or price action to continue bull trend or turn to bearish momentum with respect to the 1.18526 level because this area has shown interesting pivot points prior to current price action.

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