ptp94
Short

EURUSD looks Short

FX:EURUSD   Euro Fx/U.S. Dollar
162 4 3
Hey guys EURUSD             on the weekly looks short backed by:

1) Week close on a Inverted hammer in an uptrend...foreshadowing a downtrend
2) Top resistance it rejected
3) RSI is overbought therefore signalling a sell
4) Trend to 38.2 fib is broken

Furthermore, we can see we have two supports, one horizontal and one support TL. From this, we can potentially forecast a downtrend to at least 1.083. The price is then likely to go long depending on the fundamentals in June.

Comment on your thoughts.

Thanks
Petaryot
7 months ago
Great outlook.. Do update it when you enter, I'd love to join you on that
Reply
TAtrader
7 months ago
Nice analysis! If the weekly has closed like this, it would be a Shooting Star.
I recommend using less indicators, without lagging moving averages. RSI is pretty good, but I even don't use that one. ;)
Reply
ptp94 TAtrader
7 months ago
snapshot

snapshot
Reply
ptp94 ptp94
7 months ago
It did not post my reply...lol

90% Probability it will close as inverted hammer. 1) If you look at 1m chart, the candles are small bodied meaning a quite market. 2) You can see that in 4h there is quite some momentum still left to push price lower.
+1 Reply
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