EURUSD looks Short

FX:EURUSD   Euro / U.S. Dollar
168 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.

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. ;)
ptp94 TAtrader
ptp94 ptp94
It did not post my

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
Great outlook.. Do update it when you enter, I'd love to join you on that
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