EUR/USD: 06.03.2017 D1 chart.
A long and mid-term downtrend and short-term consolidation.
Price at the top of the consolidation and below diagonal and horizontal resistances.
Indicators:
SMA50 and SMA200 in bearish formation and fake breakthrough SMA50 - probably decrease.
CCI (50) is under 0 - a negative signal
Political risks in Europe are mid-term negative for the euro, and the dollar was supported after rates hike in US is more likely in March. This makes short positions in EUR/USD more appropriate.
SL 1,0653
Alternative scenario: A break above resistance will lead to increase.
Trader Nikolay Georgiev
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