A nice short opportunity has presented itself on EURUSD after trading upwards for several weeks. It's now ready to see some substantial downside. DXY is poised to go higher also.
The monthly orderflow for EURUSD is currently bullish. The weekly and daily however shows that we're in a sell structure.
The objectives below have been clearly outlined.
Objective 1: Refill of the H4 Void. RR 1:6
Objective 2: H4 intermediate lows in line with a H1 Void refill. RR 1:13.
Objective 3: Low of the trading range. If it breaks past this area and closes below on the weekly, we can see further downside with the final target being 1.142. RR for this objective is 1:22.
Trade active
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Entry adjusted to 1.20530 with a 10 pip stop at 1.20630.
Price created a mitigation block, so I'm pretty sure the area above won't be retested prior to this drop.
Comment
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Scrapping this idea. New Sell Zone above is much clearer. Will repost another EU idea when the time comes.