USDEUR short opportunity of breakout

8 may 2018

USDEUR has been in a clear bear market since Nov 2017 with obvious bearish pattern formations. We have now seen it breakout out of consolidation above the 200 EMA, but it doesn't look like the hope will last. We are coming up to resistance at the previous H&S neckline and shoulder levels. It looks to me like there is a short opportunity with targets at the H&S neckline and consolidation zone.

9 may 2018

Nota

It looks like a shooting star is forming on the daily, which might indicate a reversal to the breakout sooner than we originally expected.

10 may 2018

Nota

RSI bearish divs on the 4h and 6h. I don't expect that we will even get to reject .85 before going down.

11 may 2018

Nota

First target reached.