EU Short 05/16/2016
Weekly TF:
Bearish Pinbar rejecting at the strong weekly resistance at 1.4666
Daily TF:
The bearish move underway. Broke out of the trendline.
4Hr TF:
With the bear move down, I am anticipating a 61.8% pullback up to the red line, which is a previous S/R level, aligned with a retouch of the trendline previously broken.
Entry on the 4hr:
Entry at the 61.8% pullback
Stop above the previous high.
Target at 1.10971, may hold onto it if the momentum is good enough.
Bearish Pinbar rejecting at the strong weekly resistance at 1.4666
Daily TF:
The bearish move underway. Broke out of the trendline.
4Hr TF:
With the bear move down, I am anticipating a 61.8% pullback up to the red line, which is a previous S/R level, aligned with a retouch of the trendline previously broken.
Entry on the 4hr:
Entry at the 61.8% pullback
Stop above the previous high.
Target at 1.10971, may hold onto it if the momentum is good enough.
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