EURUSD Short from the ~1.3000 mark due to the significantly bearish inverted hammer candle strongly rejecting the 1.3219 resistance. RSI is currently in a rising wedge headed to the oversold mark, indicating that the security in question is overbought and lacks the momentum and buying pressure to break through this heavy resistance. My current price targets include both 1.11310 and 1.09130.
Also, take a look at this chart. It provides evidence I used to conclude that the resistance is quite strong as the price has not been able to maintain its gains within the zone.
Thank you for viewing my analysis!
Operación activa
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Shorting from 1.12882.
Comentarios
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I will add to my short as it rises. Although, I must reiterate that one should open a small position instead of a large position, for it is definitely possible for it to enter the resistance zone. Trade safe everyone! Good luck.
Comentarios
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False breakout. I'm expecting it to now fall to the price targets; I am fully loaded short.
prntscr.com/c6gk8g dont get it, price wasn't even there, how is possible you shorted??
ArmoredBull
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I started my short at the dotted line.
airmac
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ok got it now, good short
flashsolver
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nice chart
ArmoredBull
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Thank you! I appreciate the feedback.
flashsolver
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why would you short here though?
ArmoredBull
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Well, I'm glad you asked @flashsolver. As I have stated within my analysis, the RSI is nearly overbought, thus causing EURUSD to deal with more selling pressure. Although it may break above the resistance, which is a definite possibility, it simply cannot do so without a corrective structure. I'm looking to add to my short should it break above these levels, however.