rkarara

TREND CONTINUATION IDEA FOR UPCOMING WEEK - 4 HOUR CHART

Short
FX:EURUSD   Euro / U.S. Dollar
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DAILY CHART
- price in a strong downtrend
- price making lower lows and lower highs
- waiting for price to move into the 1.14500 level for a trade
- 1.14500 level has been used as S/R multiple of times in the past (looking left)
- price already broke and retested the 1.14500 level and fell lower

4 HOUR CHART
- confluence with daily chart as 4 hour chart in a downtrend
- RSI is at overbought level
- in a downtrend bias until price breaks up through level 1.15012
- 61.8 fib level matches perfectly with the 1.14500 level also the level is a round phycological number
- looking for price to move up to 1.14500 level for a entry

TARGET
- TP1 would be level 1.12861
- TP2 1.11309