BoonHooi
Short

EURUSD Completes the Bearish Shark Pattern

FX:EURUSD   Euro / U.S. Dollar
After the FOMC decision, the USD has been weakening and has now reach a critical turning point. Hoping that EURUSD can take the lead from AUDUSD and start to fall soon.

Pattern Identification
Bearish Shark pattern completed on the H4 chart at 1.0790/95.

Trade execution
Price went slightly above the PRZ and is currently supported by the PRZ. I would want to see the price goes back down below the PRZ to be more bearish on the pair.
Comment: AUDUSD already falling, hope that EURUSD will follow suit.

Trade active: Just took the trade at 1.0776, with stops above PtX.

Now the PRZ must act as a resistance with the round figure 1.08 helping as a natural resistance too.
Trade active: Giving you guys an additional view on this pair to support the short.

H4 chart, indicators showing bearish divergence :
- MACD and the MACD Histogram
- RSI

Putting my stops at 1.0835

Trade active: Glad to see the price stayed below the PRZ last night.
Next critical step will be to break below the TL support

Trade closed: stop reached: Trade closed when the market opened with a gap up. 64pip loss (5 more than what I expected because of the gap)

This goes to show that although the indicators and signs were all aligned, there is still a possibility that the trade can fail.
I'm with you on this trade. Entered at PRZ
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