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EURUSD a good opportunity for short positions

EURUSD Daily

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EURUSD D1 Our expectations:

The price reaches the last diagonal resistance and the SMA50, where we can look for short positions with SL 1.1440.

The price remains below 50% of the downward movement Fibo.

The moving average is in the sword formation.

The latest COT report shows that net shorts remain at higher levels and lack long enough net positions.

The latest upward movement may turn out to be a short squeez that nurtures the negative scenario.

The levels are suitable for carry traders, as a swap is positive for short positions.

Alternative scenario: Closed bar above 50SMA may lead to a 200SMA test, but for now the long positions remain with poor profit risk ratio.


 Trader Nikolay Georgiev

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