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MountOlympusFx

EURUSD SELL: Weekly, Daily & 4hr Breakdown

Short
Euro / U.S. Dollar (FX:EURUSD)  
MountOlympusFx Updated   
FX:EURUSD   Euro / U.S. Dollar
Trend Analysis Harmonic Patterns Chart Patterns EURUSD Forex
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EURUSD Weekly:
• Price is trapped in an area of consolidation between 1.1463 & 1.1300 which is a 160pip range.
• Recent rejection was at the top of range at 1.1463 rejecting off it for a 4th week.
• Price looks like it could reverse from a 3rd bounce off descending trendline or it could break through we have to wait for extra confirmation
• Moving averages are bearish.

EURUSD Daily:
• Price has double topped at 1.1463 + 0.62 Fibonacci level + Descending trendline.
• 1.1463 is a confirmed strong level of resistance with many multiple rejections with reversal candles such as: bearish engulfing, gravestone doji, spinning top and a shooting star.
• Friday’s candle rejected off resistance and descending trendline and closed as a shooting star signalling a strong reversal is on the cards.
• Next target I expect is 1.1358 4hr support (double top neckline).

EURUSD 4hr:
• I do need price to push up once more and test 1.1463 again before I can short this pair down to 1.1358. If there is no push up I would look for another entry point.
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