Short technical analysis for dollar bulls

EurUsd Daily Chart

Price opened withing a bull buy area between MPP and MM2 at the beginning of the month making a low at MS1. It then went on to retest MPP at the role reversal completing a right shoulder. Should price go all the way to break beyond the 1.17000 psych level/MS1 our next key level of support lies at an aggressive bear target MS2(Since well price came off MPP)

EurUsd H4 Chart

Price double topped at the 61.8 fib level last week. Confluence between the two trend lines and the 61.8 fib level at resistance signaled a strong sell. For another entry I would wait for price to break the 1.18000 psych level and find support at WM2, then a retest at the role reversal.

One thought on “EurUsd Short Setup”

  1. Charles Bidner says:

    Thankyou for the post. I am in this trade x2, plan to move stop to BE @ WM2, MM2 very close to that level, expecting some bulls to fight back @ that level. If price breaks that level may look to sell any retrace to role reversal.

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