EURUSD - Shorting out for a while

FX:EURUSD   Euro / U.S. Dollar
Good day Ladies and Gents             ,

EURUSD             is starting to get a bit clearer now.

  • Monthly TF shows that candles will continue the previous downtrend since May 2014. This is from the failed bullish engulfing bar of April 2015 and the forming of a bearish engulfing bar for July 2015. Therefore overall trend bias will be downwards.
  • Looking at the D1 TF, a possible bullish crab is forming to confirm the residual downtrend of EURUSD             before it makes a retracement.

Conservative traders can open a sell position once the candle closes below 1.0860. The conservative TP would be at 1.0555 and those who are slightly more adventurous at heart, can set their TP between 1.0500 to 1.0000.

Personally, I don't think Euro             will let it be 1:1 with USD. Will see how this plays out next week.

Happy trading
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