Euro / U.S. DollarShort
EURUSD: ON THE BRINK
On July 12 the EURUSD pair tested longer-term trend line resistance and made small breakout(fakeout) before reversing back below the trend line. I continue to favor Bears instead of bulls because we are in a very critical resistance area and there are so many signs of the trend to be reversed soon. I continue to expect the Bearish side and will look for selling instead of buying the pair.
RSI has been making lower lows and lower highs for the past two weeks and this clearly a Bearish sign so there is an increase possibility of downside move to come soon. Daily Cloud support lies in 1.0950-1.1100 area and this is the level which I expect to come soon. There are several signs which suggest the downside is coming and I believe we had made the top, Even if we haven't then I would say that we are about to make a top and very near to the downside reversal. I am bearish on EURUSD as long as we do not see a weekly closure above 1.1600.
Recommendations(for medium-term): SHORT around 1.1400-1.1430 area with stop loss at 1.1550, Target 1.1200-1.1150 for medium-term.
RSI has been making lower lows and lower highs for the past two weeks and this clearly a Bearish sign so there is an increase possibility of downside move to come soon. Daily Cloud support lies in 1.0950-1.1100 area and this is the level which I expect to come soon. There are several signs which suggest the downside is coming and I believe we had made the top, Even if we haven't then I would say that we are about to make a top and very near to the downside reversal. I am bearish on EURUSD as long as we do not see a weekly closure above 1.1600.
Recommendations(for medium-term): SHORT around 1.1400-1.1430 area with stop loss at 1.1550, Target 1.1200-1.1150 for medium-term.
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