With Mario Draghi having mentioned that the central bank is not thinking of exiting the QE program despite solid improvements the economy has been seeing, I remain a solid bear on the Euro.Below I have technically analysed the pair for possible short entries for this week.

– Kindly leave any comments should you have a different perspective in that regard.

EurUsd Daily Chart

Price has been contain within a 100 pip range between 1.08500 and 1.09500 though it seems like we had a false breakout that sent price up to a key resistance level of 1.100(Head and Shoulders perhaps). It is currently at the top of the range and also retesting the role reversal. Though market action moving averages show a bullish sentiment, with price at resistance there are bears that are most likely to sell within that area between where price is currently and 1.09500

EurUsd H1 Chart

Price opened at the weekly pivot point at the beginning of the week, with confluence between the WPP and MM3. With an overbought stochastic, this area is a lucrative shorting area with an aggressive weekly bear target at WS1.

EurUsd H4 Chart

Also on the H1 chart we have pivot cluster between DM3, WPP and MM3. for a second conservative entry, a break beyond the Market action moving averages and the DPP and a retest at the role reversal is where I will look for another shorting opportunity.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.