11:00 GMT: EUR/USD Strategy: Stay short

Bearish price RSI divergence on the daily chart. Watch out for potential head and shoulders on 4-hour time frame. Sell on rise is the call as long as the descending trend line hurdle – 1.1438 on 1-hr chart remains intact. The pitchfork supp of 1.1336 could be targeted by bears. 4-hr RSI has turned bearish … that increases confidence in the bearish trade/view.

Key Tech levels – Spot CMP 1.1388

1.1393 (4-hr 50-MA)

1.1408 (trend line resistance)

1.1438 (Descending trend line hurdle on 1-hour)

1.1456 (resistance on 4-hr)


1.1380 (61.8% of 1.1312-1.1490)

1.1348 (23.6% of 1.1119-1.1490)

1.1336 (pitchfork supp)

1.1319 (5-DMA on weekly chart)

4-hour chart

EURUSD H4 (07-13-2017 1634).png

 

 

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s