EUR/USD: Possible decrease, good area for short

14.09.2016 / 11:53

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EUR/USD

Date: 14 September, 2016

H4 chart: Medium-term long and short-term short

After the price reached 1.1350/60 has stopped and made 3 lower peaks and went below the diagonal support. After that it continued upwards but hasn't been able to reach or breakthrough above the previous peaks, engulfing bar downwards. The strong horizontal support at 1.12300 was tested several times but after choppy price action, the price may decrease again and after it holds below the horizontal support. A diagonal resistance is been formed at the moment.

Price Action - A few Doji bars at strong resistance levels - signal for short

Alternative scenario: If the price goes up again, above the horizontal resistance at 1.12300 and also above the diagonal resistance, this will break the bearish scenario.

DEM (14): Close to overbought area and turning

Цена за Вход шорт около: 1,12200 Price entry for short: around 1.12200

SL: 1.12800

Jr. Trader. - S. Fudchedzhiev

Varchev Traders

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EUR/USD: Possible decrease, good area for short

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