Euro / U.S. DollarShort
Reversal Setup On EURUSD
Looking at EurUsd, it seems that the bearish reversal setup I called yesterday could be playing out! If we start on the daily timeframe, price is sitting at a non-horizontal resistance level (signaling sell opportunities).
Scoping into the H4 timeframe, price has begun to break market structure by violating a significant support level. Although price has travelled in this area not too long ago, it seems like that was a bearish fakeout. This means that price looked to have break market structure, only to quickly snap back into the range it once was in. If we begin to see more bearish market structure on this pair, I will be switching my bias to bearish.
Scoping into the H4 timeframe, price has begun to break market structure by violating a significant support level. Although price has travelled in this area not too long ago, it seems like that was a bearish fakeout. This means that price looked to have break market structure, only to quickly snap back into the range it once was in. If we begin to see more bearish market structure on this pair, I will be switching my bias to bearish.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.