A huge bearish engulfing candlestick pattern was formed on EURUSD daily chart at 50% Fib retracement, indicating potential reversal.
Price break out from the ascending channel on 4H timeframe. TP around 1200 area.
Expecting movement up, up to 112.50. Price reached 200 SMA.
I will be looking for a buy opportunity, if the 200 SMA will hold the price. This level correspond to 50 SMA in daily chart.
Possible short positions from 112.00 - 112.50 area
Long and short opportunity inside the descending channel.