Euro / U.S. DollarShort
EURUSD: Short-Term Idea
EURUSD moved lower from the mentioned area in my previous analysis but got rejected from the cloud support and then climbed again to 1.1420 level. Initially it faced rejection at that level. I anticipate this second rejection as a bearish sign for the pair as we are in the very critical area of the long-term Bearish trend. Strong resistance lies at 1.1450-1.1480. Breaking above it will push the pair to the yearly highs at 1.1550 and which seems very unlikely. Major trend-line resistance lies at 1.1450-1.1470 and above breakout of this level seems unlikely scenario at the moment. For short-term on 4 hour chart I see the pair moving back towards the cloud and This time it can break the cloud support and visit to the first target at 1.12000. Breaking below the 4 hour cloud support can even push the pair towards the daily cloud support at 1.0950-1.1100 and which is very much on the cards. I am Bearish on EURUSD and targeting 1.10000 for medium-term unless we see a weekly close above 1.16000 level.
Recommendations: Remain SHORT with target at 1.12000(For Short-term traders).
Recommendations: Remain SHORT with target at 1.12000(For Short-term traders).
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