DK_Investment_Consulting

EUR/USD correction move finished - sell on 1H

Short
FX:EURUSD   Euro / U.S. Dollar
Market price is near end of up correction movement. The strong sell movement last Friday switched the trend from up to down trend in short term view.

We wait for several closed in the drawn sell area before entering the market with short/sell order. In this idea we set unusual tight stop loss because market will reach 1.11 level with high probability and going into sideways movement for couple of days and we don't want to hold a loss in this case.

Indicator analysis:
-market price near 61.8 fibonacci which is entry for many sellers
-RSI retraced from down trend line which is bearish signal
-MACD baseline near 0 line and looks like stopping the up movement which is bearish signal
-Bollinger bands going in different directions which implements sideways channel movement
-50 day moving average crossed the 100 day moving average which is bearish indicator in short term view

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Trade active
Trade closed manually:
trailing stop at entry reached after reversal candle

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