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UnknownX
Nov 10, 2017 7:00 AM

Quick EURUSD Scalp? 11-10 Short

Euro Fx/U.S. DollarFXCM

Description

Discussion points:
  • 4hr candle apears to be stalling
  • Stochastic 15-5-5 showing an overbought signal
  • USD has made a recent strong move upwards and is consolidating around the 1.1645 area
  • There is a bearish mid trendline slightly above current prices around the 1.1662 area


Price has remained in a solid downtrend on a 4hr chart with consistent new lower highs (reached 11/2) and new lows (reached 11-6).


Things to take into account:
  • The mid trendline is has very vague points with a wide range of possible ressistance interpretations
  • The low reached on 11/7 has hit trendline support on the daily chart


Scalp Idea:
Look for a small rally to the 1.1661 area in the London Tokyo crossover and short to the 1.16200 area in the later London session/NY session (around the 1hr 100sma?)
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