EURUSD: short term trend remains long

16.10.2018 / 12:36

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Forex EURUSD Technical Analysis:

The latest downward momentum tests the diagonal support of the consolidation since the beginning of the week. Any false break below 1.1565 (a shadow below the level and a closed top bar) can give a good signal for short-term purchases.

The last trend remains long, and the 61.8 Fibonacci of the early week movement support the bullish scenario.

Germany and the EU data at 12:00 were below expectation that triggered the latest downward momentum, with caution in retreating the price and a possible fake breakthrough.

Alternative scenario: If the impulse continues below this level and the breakout below is real, we can look for a short entry after a test of the breakout.

SL and Trailing Stop over the last top for short positions or bottom for long ones - aggressive day to day profit.

Trader Nikolay Georgiev

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EURUSD: short term trend remains long

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