dlifestyletrader

EURUSD Strong Bearish Momentum but LIMITED

Long
FX:EURUSD   Euro / U.S. Dollar
It was just as forecast last week that EURUSD continued to drop further.

While the bearish momentum seems strong (and definitely sellable in the short-term), it will face very strong demand in this coming week.

The first thing we should always bear in mind is that EURUSD already has a strong reversal signal since it broke above a 12-year falling trendline (as seen in the monthly timeframe ).

There's also a successful retest of the 12-month falling trendline before EURUSD continued to climb.

Other than that, we can see strong confluence at the 200ma on this chart with a strong demand zone and indicator an overbought market.

Therefore, we can continue to sell int he smaller timeframe but exit as soon as a wave of trend is completed.

Otherwise, wait patiently for signs of reversal as it reaches 1.18 region to long EURUSD while an ABC correction is completed.

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