EURUSD: Trendline break? Finally a trend reversal? SHORT
On the weekly chart we can see the EURUSD is in a downtrend and price has been hovering around the trendline for weeks now.
The uptrend on the Daily chart is supported by a trendline to the upside and this was tested last Friday! Let’s see how markets open on Monday. Will this break continue indicating a move to the downside/trend reversal?
Also look at my DXY analysis which supports this scenario as well.
Before getting in on this move I’d like to see:
a) A break of the trendline
b) A retest of the trendline
c) 1.20600 is a major support that needs to be broken eventually for this move to continue.
The uptrend on the Daily chart is supported by a trendline to the upside and this was tested last Friday! Let’s see how markets open on Monday. Will this break continue indicating a move to the downside/trend reversal?
Also look at my DXY analysis which supports this scenario as well.
Before getting in on this move I’d like to see:
a) A break of the trendline
b) A retest of the trendline
c) 1.20600 is a major support that needs to be broken eventually for this move to continue.
Comment:
USD is gaining strength but we need to see more to get confirmation on this move. recent recistance act as support now so a break would confirm further downside.
Trade closed manually:
Broke out of the downward range so I switched to long positions. Was a nice run!
