EURUSD Hit Resistance at 1.14, to Retest Support at 1.118
Trend Analysis
The main view of this trade idea is on the 4-Hour Chart. The Forex Cross EURUSD hit some resistance around the 1.14 level and is attempting to retest the 1.118 level. The overall trend is down, breaking lower from its short term moving average (MA). EURUSD continues to be below is medium and long term MAs. A negation of this move will be observed if EURUSD rallies above 1.131.
The longer term view concurs with the short term. EURUSD is trending lower, unable to break above 1.14.
Technical Indicators
EURUSD is in a downtrend. Currently the FX Cross is trending below its short (50-MA), medium (100-MA) and long (200-MA) fractal MAs. Negative crossovers occurred a couple months ago. The RSI is below the 50 level and the KST is in a sell mode.
Recommendation
The recommendation will be to go short at market, with a stop loss at 1.131 and a target of 1.118. This produces a risk/reward ratio of 1.33
Disclaimer
The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes. At the time of publishing I have exposure to EURUSD.
The main view of this trade idea is on the 4-Hour Chart. The Forex Cross EURUSD hit some resistance around the 1.14 level and is attempting to retest the 1.118 level. The overall trend is down, breaking lower from its short term moving average (MA). EURUSD continues to be below is medium and long term MAs. A negation of this move will be observed if EURUSD rallies above 1.131.
The longer term view concurs with the short term. EURUSD is trending lower, unable to break above 1.14.
Technical Indicators
EURUSD is in a downtrend. Currently the FX Cross is trending below its short (50-MA), medium (100-MA) and long (200-MA) fractal MAs. Negative crossovers occurred a couple months ago. The RSI is below the 50 level and the KST is in a sell mode.
Recommendation
The recommendation will be to go short at market, with a stop loss at 1.131 and a target of 1.118. This produces a risk/reward ratio of 1.33
Disclaimer
The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes. At the time of publishing I have exposure to EURUSD.
Trade closed: stop reached