Looking at the crazy amount of transacted volume around 1.2050 last week, I suspect more sellers should be queuing to sell EURUSD around that level.
Putting in harmonics, that is also a level where traders could sell on an ABCD pattern.
How to execute the trade
1. Look for a pinbar with heavy volume (Climax Volume) occuring near 1.2050 this week. 2. Wait for a low to mid volume, high spread bar closing on the lows after 1) has happened. 3. Enter short with stops above last week high, I put it around 1.2110.
I expect more sideway distribution for EURUSD and will target 1.1840 as my short target.
Comment
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This idea is no longer valid as my entry level was not challenged. However, my bearish stand on euro still stands. Might go short on quality fake push ups.