As mentioned on my previous EUR chart - momentum is towards the downside since we broke the uptrend at 1.1745-50. We have since sold the break however we ran into some support around the 1.1650 mark yesterday and I closed the trade at 1.1661 for some decent profit as the sell off was looking exhausted according to RSI. Today however we saw a bit of a consolidation and a small bounce back up towards the 1.1685 fibbo resistance, I feel this consolidation is what we might need to let new sellers enter the market, and drive it lower, through the 1.1650 support. I therefore entered a short at 1.1680 with a tight stop around the 1.1705 level and a target of 1.1612 (fresh low and fibbo support).
Short @ 1.1680
SL: 1.1705-10
TP: 1.1612
Short @ 1.1680
SL: 1.1705-10
TP: 1.1612
Comment:
Closed all at 1.1777 for a profit of +16 pips. the euro looks sticky around this level and I don't feel like being long risk heading into the weekend... especially with the US election next week.