EURUSD (Daily) SHORT IDEA: Historical Resistance zone
POTENZIAL PROFIT: 350 pips
TECHNICAL ANALYSIS:
-The price followed a really strong uptrend, breaking an important weekly support (during a period of high volatility and high momentum) but rejected from the resistance zone.
Since the beginning of August until November the market followed a consolidation phase, bouncing twice on our important weekly support.
-The price was oversold and getting more momentum, enough to move up; An ascending triangle pattern confirmed the uptrend.
-The price actually is still in a strong up trend, trying to reach the main resistance zone, an historical level that rejected the price several times in the past;
CONCLUSION:
In my opinion is not the right moment to entry short, the market is still moving up and there is still no sign of inversion.
Once the price will reach the resistance zone, an accurate analysis of the price action could give us a nice opportunity to get a big short position.
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Have you got some similar or interesting idea? Feel free to leave a comment below sharing your idea!
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Trade Safe,
Gianni
TECHNICAL ANALYSIS:
-The price followed a really strong uptrend, breaking an important weekly support (during a period of high volatility and high momentum) but rejected from the resistance zone.
Since the beginning of August until November the market followed a consolidation phase, bouncing twice on our important weekly support.
-The price was oversold and getting more momentum, enough to move up; An ascending triangle pattern confirmed the uptrend.
-The price actually is still in a strong up trend, trying to reach the main resistance zone, an historical level that rejected the price several times in the past;
CONCLUSION:
In my opinion is not the right moment to entry short, the market is still moving up and there is still no sign of inversion.
Once the price will reach the resistance zone, an accurate analysis of the price action could give us a nice opportunity to get a big short position.
If you enjoy my FREE Technical Analysis, let me know that with a big LIKE, I'll be so glad!
Have you got some similar or interesting idea? Feel free to leave a comment below sharing your idea!
Are you interested getting more FREE Technical Analysis like this? SUBSCRIBE my channel and you won't miss anything!
Trade Safe,
Gianni
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