I am a bear on the euro and and an aussie dollar bull. I Currently have swing trades on this this pair and will be looking for more opportunities to add add more short positions until I see price and market conditions change.
Price recently came off a key level of resistance just above 1.41500 at the beginning of the week. It was for the first time it came to retest this level at the role reversal since it broke down through it at the beginning of the previous month. With stochastic moving down and having come off a 78.6 fib retracement level, we might see it retrace all the way down to 1.37000.
Price opened within a bear area zone at the beginning of the week with a bear target of WM1 in mind. After having failed to continue a series of higher highs and lower lows, a head and shoulder reversal pattern has formed. Also the bullishness of this pair is slowly losing momentum as price has now broken through the 21 moving average. A retest at the neckline/psych 1.40500 is where I 'd be looking for selling opportunities.
price is currently at support and a retest at the role reversal is imminent. Look for selling opportunities between the Daily Pivot and DM3 by using smaller time frame charts. Also keep in mind that some bears sell off the 21 moving average and some off the psych level 1.40500.
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