EUR/USD Strategy: Short below today’s low

The spot is working hard at the trend line resistance on 1-hr chart, amid a bearish crossover between 50-MA & 100-MA. A potential head and shoulders pattern with neckline supp at 1.1368 is seen… On the daily, the spot trades below rising trend line… which now will offer resistance at 1.1444. Yday’s move confirmed bearish RSI divergence, plus daily macd is turning bearish. It’s good to sell the spot below the daily low of 1.1391. The move would add credence to rejection at falling trend line on 1-hr and push the spot lower to neckline supp of 1.1368.

Key Tech Levels – Spot 1.1418

1.1444 (trend line hurdle)

1.1456 (resistance on 1-hr)

1.1490 (July 12 high)


1.1397 (1-hr 200-MA)

1.1368 (neckline supp)

1.1312 (last week’s low)

1-hour chart

EURUSD H1 (07-14-2017 1734).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