EURUSD Hit Medium-Term heavy resistance

FX:EURUSD   Euro / U.S. Dollar
326 11
EURUSD Short from the ~1.3000 mark due to the significantly bearish inverted hammer candle strongly rejecting the 1.3219 resistance. RSI is currently in a rising wedge headed to the oversold mark, indicating that the security in question is overbought and lacks the momentum and buying pressure to break through this heavy resistance. My current price targets include both 1.11310 and 1.09130.

Also, take a look at this chart. It provides evidence I used to conclude that the resistance is quite strong as the price has not been able to maintain its gains within the zone.

Thank you for viewing my analysis!
Trade active: Shorting from 1.12882.
Comment: I will add to my short as it rises. Although, I must reiterate that one should open a small position instead of a large position, for it is definitely possible for it to enter the resistance zone. Trade safe everyone! Good luck.
Comment: False breakout. I'm expecting it to now fall to the price targets; I am fully loaded short.
Trade closed: target reached: First target reached 75% covered.
Great Job!!
ArmoredBull Timothy1776
Thank you so much!
dont get it, price wasn't even there, how is possible you shorted??
I started my short at the dotted line.
+1 Reply
airmac ArmoredBull
ok got it now, good short
+1 Reply
nice chart
ArmoredBull flashsolver
Thank you! I appreciate the feedback.
flashsolver ArmoredBull
why would you short here though?
ArmoredBull flashsolver
Well, I'm glad you asked @flashsolver. As I have stated within my analysis, the RSI is nearly overbought, thus causing EURUSD to deal with more selling pressure. Although it may break above the resistance, which is a definite possibility, it simply cannot do so without a corrective structure. I'm looking to add to my short should it break above these levels, however.
flashsolver ArmoredBull
thank you :)
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