Overview- From the lows of 1.17, EUR/USD has staged a modest
recovery. However, the bullish impulse doesn't seem very convincing. So, let
us analyze if there's a case for short entries here
Analysis - From the chart, you can see that EUR/USD has inched
above the 100 hour moving average. This indicates that in the smaller time frame,
the trend is slightly up. That being said, the price is moving within a price channel
and currently, EUR/USD is nearly at the top of the channel. 1.1830-1.1840 is also
an area of resistance based on the structure on the left.
Probable trade set-up - Based on the above analysis, I would like to
sell EUR/USD between 1.1828-1.1845 with Stop loss above the zone marked
in the chart. TP will be placed at 1.1770.
Disclaimer - This is simply an analysis and not a trade recommendation. The trades will be
executed only if it meets the required criteria.
recovery. However, the bullish impulse doesn't seem very convincing. So, let
us analyze if there's a case for short entries here
Analysis - From the chart, you can see that EUR/USD has inched
above the 100 hour moving average. This indicates that in the smaller time frame,
the trend is slightly up. That being said, the price is moving within a price channel
and currently, EUR/USD is nearly at the top of the channel. 1.1830-1.1840 is also
an area of resistance based on the structure on the left.
Probable trade set-up - Based on the above analysis, I would like to
sell EUR/USD between 1.1828-1.1845 with Stop loss above the zone marked
in the chart. TP will be placed at 1.1770.
Disclaimer - This is simply an analysis and not a trade recommendation. The trades will be
executed only if it meets the required criteria.