24 Sep 2015

LOOKING TO SELL EUR/USD ONCE AGAIN

EUR/USD DAILY

Since the beginning of September I have been waiting for a chance to enter a long term short position as the rate resumes the downtrend.

With the DAILY RSI broken the bullish momentum and testing the most recent bearish one - I feel like it could be the time to start looking for a trade opportunity.


EUR/USD H4

The rate has also broken it's 2-month rising trendline support. I will be looking for a strong rejection as it becomes the new resistance. Ideally the rate can push higher up to the falling gap resistance at 1.1300.

As I have mentioned before my longer term targets are still the 1.0000 and 0.8000 levels. The stops should be placed against the range highs (1.1500 - 1.1750)

As usual, it's probably a good idea to open only a small position now and scale in the trade, as the rate breaks out of the massive bear flag support below 1.1000




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