EUR / USD opportunity for medium-term shorts

23.06.2017 / 02:56

Rating:

EUR/USD 23.06.2017

Our expectations: Short-term downtrend movement, the price has entered a short negative channel and has broke below basic diagonal support (current resistance). Medium-term consolidation. We can play this scenario with a short position from a current price levels as a break of the horizontal support of the consolidation will support, the bearish short-term scenario.

Alternative Scenario: If the price goes above the diagonal resistance of the short-term downtrend movement and makes a higher peak, we can look for long positions with SL: 1.1170.

Comments: The price is below 50 EMA, CCI (50) below level 0 - negative moods are retained. The price is at FiBo 23.6 - closing below this level makes the shorts more likely. Test of the break and EMA 50 test. SL: 1.1220.

Trader Bozhidar Arabadzhiev

Varchev Traders

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EUR / USD opportunity for medium-term shorts

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