So..!! What is EURUSD doing on 4 hours chart..?
After a drastic fall to the new lows of the year, the pair found a support on thin air and pulling back. Now this pull back is evidently weak and is heading towards a minor sell level.
How to engage...?
Selling the pair at around 1.05210 region gives a really awesome Risk to Reward. It's always better to wait for weakness or a break out failure of the resistance before selling. Or..!! I would just take an aggressive sell above the blue resistance and observe the Price Action closely to close out if there's any sign of strength. With the target being the low visible on the chart, the pair has a lot of downside potential to it. Trailing would be a great idea if there's a second position.
After a drastic fall to the new lows of the year, the pair found a support on thin air and pulling back. Now this pull back is evidently weak and is heading towards a minor sell level.
How to engage...?
Selling the pair at around 1.05210 region gives a really awesome Risk to Reward. It's always better to wait for weakness or a break out failure of the resistance before selling. Or..!! I would just take an aggressive sell above the blue resistance and observe the Price Action closely to close out if there's any sign of strength. With the target being the low visible on the chart, the pair has a lot of downside potential to it. Trailing would be a great idea if there's a second position.