lmccormick
Short

Lots of big moves today, this is one of my favourites

FX:EURUSD   Euro / U.S. Dollar
30 1 0
I see price in a consolidation between the 1.38000 support and 1.39500 resistance levels. Off of the 1.39500 level price has formed a very large bearish engulfing bar ( BEOB             ). Although not clearly presented on this chart, there is some nice divergence between price and MACD data, further supporting a bearish outlook. I see no reason for price to hit the 1.38000 level for a nice, quick profit. My stop loss would be placed just behind the 1.39500 level, and not the full bar.
Fantastic trade dude!
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