EURUSD in front of the US interbank trading session signals a possibility for new short

03.10.2018 / 15:16

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Forex EURUSD | Our expectations:

Before the start of the US session, the most traded pair shows a higher probability that the next impulse will continue in a downward direction. We see a flag formation breakout below 50% Fibonacci on the movement from the beginning of the week.

The price is further directed to a 50 SMA test as close to these levels and under 1.1570 we can look for short positions with a small stop over the top of the 1.1597.

A price above 1.1570 will reduce the likelihood of a short while watching for Japanese candles such as pin bars, spinning tops or dodji to confirm the negative scenario.

Volatility at 15:30 and 16:30 would be best suited to market positioning.

Alternative scenario: Before breaking the high of the European session, it is illogical to look for long positions because they will be more risky, but if we see movement above these levels, we may be looking for long positions.

Trader Nikolay Georgiev

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EURUSD in front of the US interbank trading session signals a possibility for new short

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