I would be happy to read your opinions about this set up.
Possible downwards move.
Simply the pair is in a monthly/weekly downtrend. The D1 is showing an overbought RSI. Going down.
As in the above
Reasons to short next week: - 12345 Elliott wave that hit a trend line - Divergence on RSI - Overbought
As we can see the price has hit the trend line and is in 12345 wave which reached its final stage. Next week, expect the price to fall to around 1.1730
Downtrend channel is pointing towards a more short position.
The price is sill within the range of the two channels; a major channel and minor channel. expected to continue falling in June.
short.
possible long.
wait for the right shoulder to complete. TP 1.1240 - 1.1260 - 1.13
eurusd
After closing the gap, the market could move lower before going back up above 1.1200
After it closed at the 1.12 this week, it could possibly follow this setup.
possible closeing below 1.118
