AshleyWeyers

EURUSD Short to 1.29729 but wait for confirmation

Short
FX:EURUSD   Euro / U.S. Dollar
153 views
0
Please ignore blue trend line it has not plotted correctly from publishing. should be higher as in snapshot.

Price is ranging between 1.31221 and 1.30467

The sloping blue line is the bottom of the Kumo from D1. Indicators on D1 are mixed, but price is below the cloud.

The Tenkan and Kijun on H4 have gone flat which is another indicator of ranging. As the price ranges it will pick up more resistance from the Kumo on D1.

The Kumo on H4 is also very wide. If price breaks up from range, will quickly hit Kumo resistance.

If price breaks down from range will start hitting support at 1.29871 and 1.29680 which are the .382 Fib and 200 MA respectively.

Kumo support on H4 will also come into play here.

You could also short it now with stop just above range and wait when it hits bottom of range to see if it goes further. The last 3 green bars are still within the red bar range ( Bearish engulfing )

Comments