MichaelBlach

Reversal very likely, grab the short

Short
FOREXCOM:EURUSD   Euro / U.S. Dollar
We can see that the Euro is headed for another reversal, good spot to grab the short. I'd open the short now and aim for the target ~1.1275. We can see our Fibb circles are very consistent with the reversal pattern as shown with green boxes, we are about to hit another resistance spot so a downtrend is very likely again. RSI is at max threshold and price is largely overbought, which also signals a potential reversal here. Set the stop loss at 1.366ish and shoot for target mentioned above, should be able to collect some good profits.

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