EURUSD H4 shows the down trend, and currently at Fib 50% level.  This level is also recognized as Resistance, while seeing the bearish divergence on the Stochastic.

Thus I am looking for the short opportunity.

2015-07-27_14-16-55-EUShort

Price action wise on M15 chart, it is forming Double Top, and feel like shorting from here.   But wait.  It is almost 90 min. before London Open.   I would like to wait a bit more, before entering the trade.  At least I should wait until the Stochastic on M15 becomes 75% level.

Typically Fib50% predicts Fib 138.2%.  But in this Summer period, I would like to say the target should be Fib 100%, that is 1.08ish.

2015-07-27_13-59-07-USDIndec

Here is the USD Index chart (Hourly).  Currently the price is at Support, and Stochastic is Oversold.  I am expecting the index will go higher from here.

This is another support for my EURUSD Short trade.

 

 

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