EUR/USD: Potential play for the day (bearish view)

FX:EURUSD   Euro / U.S. Dollar
223 4
I found broken upward channel, bearish divergence and fake breakout of the yesterday's high. I see downward potential with target at 1.1170.

Trade safe,
Good evening Petar. Great analysis! Could you please explain what are the parameters that you consider to determine a false break out? because for me yesterday highs was broken. How can i find this ROC indicator? why do you prefer it?

Best Regards,

PetarJacimovic marcelchacal
@marcelchacal, Hello Sir,
Thank you for your comment, when I do trade intraday position then It must be in the context of daily time frame. On the daily time frame, I found strong reversal bar in the background, which is still active and I just waited to see if the sellers can win today's battle and back price below yesterday's high. They did and that is the reason. If you watch only today's action you can be trapped by higher time frame traders. ROC is short for Rate Of Change and it is a very useful indicator to find divergence. I also use OSMA for divergence. I do offer mentorship program where I explain all of this plus much more. Don't forget that fundamentals are also an important factor and I explained in above post one of they ways to look at.
Hope that I helped you. IF you want to speak with me you can contact me on skype. My username is petar.jacimovic

Wish you good trading,
I agree with this somewhat Petar. I also see that target as a potential support/demand line for a (re)accumulation. What are your thoughts on this?

@AbsS, Hello AbsS,
I don't use the volume on Forex at all. Forex is OTC market with no central exchange, so volume is not important. I watch day by day price action for day trading and daily graphs for some short term forecast. Also, I always pay attention to the news events and schedule. For example, tomorrow we got Core durable goods m/m which is expected to be higher together with prelim GDP q/q. Smart money with probably buy the rumors (buy USD) and technicals confirming that. Hope I helped you :)
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Get Help Ideas Published Followers Following Private Messages Chat Sign Out