EURUSD Short from the ~1.3000 mark due to the significantly bearish inverted hammer candle strongly rejecting the 1.3219 resistance. RSI is currently in a rising wedge headed to the oversold mark, indicating that the security in question is overbought and lacks the momentum and buying pressure to break through this heavy resistance. My current price targets include both 1.11310 and 1.09130.Also, take a look at this chart. It provides evidence I used to conclude that the resistance is quite strong as the price has not been able to maintain its gains within the zone.
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Shorting from 1.12882.Note
I will add to my short as it rises. Although, I must reiterate that one should open a small position instead of a large position, for it is definitely possible for it to enter the resistance zone. Trade safe everyone! Good luck.Note
False breakout. I'm expecting it to now fall to the price targets; I am fully loaded short.Trade closed: target reached
First target reached 75% covered.
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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.