NBent
Short

Join the Bears in Anticipation for the Next Downward Leg

FX:EURUSD   Euro Fx/U.S. Dollar
299 4 10
EURUSD             saw immense selling during the Brexit, traveling over 400 pips in 8 hours. Since then the bulls have only been able to recover roughly 50% of that downward leg over the course of 2 weeks. With the lack of any prevalent bullish moves and with a weak correction currently in play, another impulsive downward leg is anticipated in the sessions to come, potentially challenging the Brexit lows. The most logical area to enter in on this bearish momentum is the 1.117-1.119 level. This area has acted as support for a swing point in the recent past and was where the bears drew the line when the bulls attempted to recover the losses post-Brexit.
Fibs
5 months ago
Agreed with the bearish sentiment. I think it'll only reverse at the support/resistance level around 1.1235 though, maybe trap some bulls in the process ;)
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NBent Fibs
5 months ago
I like the level highlighted on the chart as that is where the bulls got pushed back after their attempt to recover post-Brexit. And given the swing in the past, there's alot of orderflow parked at this area. Anything can happen--currently sitting at roughly +2RR on this one with no risk. If this area fails, 1.1235 looks like the next best place.
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Fibs NBent
5 months ago
Good job! The markets proved you right :)
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NBent Fibs
5 months ago
Cheers.
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