EURUSD 4Hour Analysis June 28th, 2020
EURUSD short Idea
Higher timeframe analysis shows that the overall sentiment is bearish but recently we have seen a strong 4hour bullish trend
This 4hour trend found resistance around 1.1400 and formed a head & shoulders reversal pattern. We can now see that price action is in a descending 4hour channel and is currently at a crucial level around 1.11745
From this level we have two potential trade scenarios
1.Price action continues to fall and breaks & retests 1.11745. We will look to enter on a lower higher and target toward our next major support around 1.10450 (Trade Path #1)
2.Price action bounces off 1.11745 and breaks the descending channel. Look to enter on strong bullish setups/higher low confirmation and target higher toward major resistance around 1.13500
Higher timeframe analysis shows that the overall sentiment is bearish but recently we have seen a strong 4hour bullish trend
This 4hour trend found resistance around 1.1400 and formed a head & shoulders reversal pattern. We can now see that price action is in a descending 4hour channel and is currently at a crucial level around 1.11745
From this level we have two potential trade scenarios
1.Price action continues to fall and breaks & retests 1.11745. We will look to enter on a lower higher and target toward our next major support around 1.10450 (Trade Path #1)
2.Price action bounces off 1.11745 and breaks the descending channel. Look to enter on strong bullish setups/higher low confirmation and target higher toward major resistance around 1.13500
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