EURUSD could start its descent from here

I am still looking for shorts following my HTF analysis from last week. Following that last drive up, it looks to be an overextended impulse and from my point of view, assumed fakeout if we see DXY reverse from here.

Following a scalp on that impulse up, I entered a high-risk short, hoping it goes down to the 0.618 fib level as I have been anticipating.

Support for this idea:

• Price action is looking like it will break the minor order block support
  
• DXY rejected off a key level
  
• DXY looks to be oversold as we start to see price consolidating and the sellers appear to be losing strength
  
• COT data shows net positions increasing for DXY and decreasing for EUR
  
• Still looking for the H&S structure to complete before the next wave up
  

If we see an impulse with a strong push down, I will look for scaling in around 1.199.

Invalidation if DXY makes another drive down.

Let me know your thoughts.

Trade Safe!
HEET

Kommentar:

For now, DXY is looking good. Although it would be nice if we could see a strong impulse up to drive EU down.

Trade wurde manuell geschlossen:

As explained above, DXY took another drive down so closed the trade. Will look for a safer reentry once the price goes in my direction.