Hello Dear Traders, EURUDS bias is Short based on following confluences
The first thing to note is that market has respected BEARISH TRENDLINE resistance followed by rejection from MAJOR RESISTANCE LEVEL, which is also a FIB golden level of 0.382.
based on this, if market breaks the MINOR support level which is also 0.68 level of FIB then we can sell short the market with SELL STOP order and take profits on LL of the market.
Further, EXY (EUR Index) is bearish and DXY is positive so EUR/USD = net bearish which is also a strong sign of selling short.
similarly, if we look at the sentiments of the market, which although is 60 % bias towards short, its not a strong confluence but I will give weightage to the market senstiments.
Keep your stop loss above last LH / support level and enjoy trades.
The first thing to note is that market has respected BEARISH TRENDLINE resistance followed by rejection from MAJOR RESISTANCE LEVEL, which is also a FIB golden level of 0.382.
based on this, if market breaks the MINOR support level which is also 0.68 level of FIB then we can sell short the market with SELL STOP order and take profits on LL of the market.
Further, EXY (EUR Index) is bearish and DXY is positive so EUR/USD = net bearish which is also a strong sign of selling short.
similarly, if we look at the sentiments of the market, which although is 60 % bias towards short, its not a strong confluence but I will give weightage to the market senstiments.
Keep your stop loss above last LH / support level and enjoy trades.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.