theselfishtrader
Short

Possible bearish breakout on the horizon

FX:EURUSD   Euro / U.S. Dollar
Last week saw only bearish momentum on this pair, culminatiing in a strong bearish candle for the week.
Price has been trapped in a range for some months now, and a potential low risk range based trade has setup as price closed for the week right at support. However, I feel the better trade idea is to get short in anticipation of a bearish breakout.

Extra Confirmation:
  • A failed breakout to the upside, which usually sees the lows retested
  • DMI- has crept above 20 and is sloping upwards
  • ADX is right at 20
  • On daily timeframe , DMI- and ADX values support a strong trend

Comments

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