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.
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.
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.