Traders, we're witnessing a potential downtrend on EUR/USD. Here's the setup:
✅ Entry: Look for a confirmed break below the current price near 1.06601, marked by consecutive bearish candle closes on the 1-hour chart.
❌ SL: Set a stop loss above the recent swing high around 1.06812 to minimize risk in case of a price reversal.
🎯 TP 1: Target the first profit at the daily support level of 1.06102, as it represents a realistic short-term objective.
🎯 TP 2: If the downward momentum continues, consider a second target at 1.06000 for an extended profit run.
Price is currently below both the 21 EMA (yellow) and the 200 SMA (blue), signaling bearish momentum. The movement towards these key support levels suggests increasing selling pressure. Act on this setup by confirming a solid close below the resistance-turned-support before engaging.
✅ Entry: Look for a confirmed break below the current price near 1.06601, marked by consecutive bearish candle closes on the 1-hour chart.
❌ SL: Set a stop loss above the recent swing high around 1.06812 to minimize risk in case of a price reversal.
🎯 TP 1: Target the first profit at the daily support level of 1.06102, as it represents a realistic short-term objective.
🎯 TP 2: If the downward momentum continues, consider a second target at 1.06000 for an extended profit run.
Price is currently below both the 21 EMA (yellow) and the 200 SMA (blue), signaling bearish momentum. The movement towards these key support levels suggests increasing selling pressure. Act on this setup by confirming a solid close below the resistance-turned-support before engaging.
Sheena Lynne