SamKent
Short

EUR/USD 1h line-chart analysis

FX:EURUSD   Euro / U.S. Dollar
58 0 2
The EUR/USD             is in a well defined down-trend. Sometimes, it's good to simplify your analysis with a line chart. By looking at the hourly line chart, we can see the pair's down-trend seems to obey the 61.8% retracement level as the key reversal/trend continuation area. We can also see that the RSI and slow stochastic have been at close to overbought levels on the highlighted occasions. Therefore, our current plan of action would be to look for a short at the 61.8% level of the previous down move, which comes up at about 1.24645 area, we also want RSI to be somewhere in the 60-70 area, and stochastic to be at 70-80 area. We can also use the 100 SMA as resistance for the purpose of this trade. If all of these conditions do indeed materialize, we are happy sellers on the 1 hour chart.
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