EUR/USD SCENARIO BREAKDOWN| MULTI-TIMEFRAME ANALYSIS|SHORT BIAS

18 jun 2020

Hello, friends!

Here is my EUR/USD analysis.
It is evident that the pair is at a massive level, and therefore a decision zone.


At a closer examination it can be seen that there are two distinct downward resistance line, which slowly but surely push the price closer and closer to the support.

From here, there are two possible scenarios:
The level stands, the breakout fails, and we watch how the first resistance gets shattered. Whether the second resistance holds and the triangle patten stays depends on the market forces.

I am not inclined to trade the failure of the breakout. I am bullish on the dollar in general and I am of an opinion that there is a correction needed on the pair.

Therefore a second scenario:

There is a bearish breakout, and we go short on a pullback.

So, If the price goes higher, we do nothing and let it be.
If there is a bearish confirmed breakout>> we sell.

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