Consolidation before the drop back down?
Updated
EURUSD seems to be consolidating. If the euro can't break higher at this level we could see a drop back down.
It needs to break below 1.1160 - 1.1150. If it makes a new high, above 1.1200 - 1.1210 region, then this becomes invalid.
RSI and Stoch are well directed for a short as well (if it finally breaks lower). I'm looking at 1.0980 as target for this short. There isn't a whole lot in the way of that target so it should be feasible.
Te big bearish candle on 4H chart that engulfed the previous two bullish candles is a good sign but it needs be followed up. If we get more bulls later this week we might still see new highs.
It needs to break below 1.1160 - 1.1150. If it makes a new high, above 1.1200 - 1.1210 region, then this becomes invalid.
RSI and Stoch are well directed for a short as well (if it finally breaks lower). I'm looking at 1.0980 as target for this short. There isn't a whole lot in the way of that target so it should be feasible.
Te big bearish candle on 4H chart that engulfed the previous two bullish candles is a good sign but it needs be followed up. If we get more bulls later this week we might still see new highs.
Note
So much for the short, broke higher.Note
Seems like my entry wasn't that good. Either I need to improve entry or widen my SL. Price actually went lower in the end only a bit later, probably due to NFP.
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