Morning Technical Newsletter EUR/USDWeekly Gain/Loss: -1.23%
Weekly Close: 1.1602
Weekly perspective:
Last week candle formed as BEOB – engulfing bar at resistance as it means that on 1.1800 a lot of sellers jump in the short positions. On Monday this week price just ranging from the H4 resistance at 1.1622 to the H4 support at 1.1570.
Daily perspective:
If we zoom to the daily chart we can see that we have daily BEOB engulfing bar at resistance too, so the trend is really strong and we can expect that price will continue to the downside, as the first target we can have support at 1.1540. If we break below this strong support 1.1540 we can expect fast price fall to the next support level 1.1430.
Areas of consideration:
For intraday position, we can wait for the triple top retest of H4 resistance 1.1622 and jump in short position with the very small amount of pips to risk.
We can look for a short position on the first two resistance mentioned below:
Resistance 1: 1.1620
Resistance 2: 1.1700
For the targets we can use the first two supports mentioned below:
Support 1: 1.1540
Support 2: 1.1430
