Technical Analysis:

News release that could sway the direction of this trade:

. ADP Employment Change
. ISM Manufacturing PMI
. Fed Interest Rate Decision, Fed’s Monetary Policy Statement

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EURUSD Daily

EURUSD opens up this morning with a new monthly pivots. As a bear on this pair, the price couldn't have open up in a better position than MM3 for the month. MM3 also coincide with a strong level of resistance as highlighted on the chart. I'd look for selling opportunity on smaller tf.

EURUSD 4HR

On 4 hour chart, price still looks very bullish, making sequence of HH and HL. However it is worth noting that we're trading at WM4 - (Weekly extreme where bulls are expected to take their profit for the week). Since we're still early into the week, I'd look for signs of reversal to at least trade it back to WPP level before Friday ends.

EURUSD 1HR

On hourly, price consolidation indicates there could be more upside before it rolls over. The move to the upside could be short-lived and i'm not interested in the buy. I'd look for double top and LL in this case and take the next LH to the downside.

3 thoughts on “EURUSD Daily Sell Setup – 1st Feb 2017”

  1. Ryan Gandalf van Jaarsveld says:

    Like

  2. Zuko Nqose says:

    Nice one Joe

  3. Ken Moulton says:

    Nice job on this one. Could you please add price levels to your analysis and possibly which session you are trading. Cheers.

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