The upper trendline of the price channel on the EURUSD held strong after Friday’s strong rally, which may provide bears a short opportunity. See the chart below.
We did see a hammer form for the candle corresponding to last week on the weekly chart, but the pair is back below the trendline.
Zooming in to the four hour chart, we see a similar story.
I’ve entered a short EURUSD position, and will likely add more if we can get a pullback. My stop is at 1.3433; if the price reaches that level, I’ll step out and re-evaluate.
What are your thoughts on where EURUSD is headed? Feel free to share them in the comments below.
Disclosure: I am Short FXE.
We did see a hammer form for the candle corresponding to last week on the weekly chart, but the pair is back below the trendline.
Zooming in to the four hour chart, we see a similar story.
I’ve entered a short EURUSD position, and will likely add more if we can get a pullback. My stop is at 1.3433; if the price reaches that level, I’ll step out and re-evaluate.
What are your thoughts on where EURUSD is headed? Feel free to share them in the comments below.
Disclosure: I am Short FXE.