EURUSD: Many Reasons to Short

Aug 12, 2016

EURUSD has reached an excellent level to look for shorting opportunities. A daily resistance trendline has rejected price on 8/11 and sent the pair downward over some important moving averages. These averages are now being retested and are confluent with the new daily pivot. Below price, there is a missed daily pivot that may help drag the pair downward. The completion of a larger TF Gartley provides a nice target. Selling after the break of the bullish trendline is a good idea, especially in this case, since there are some high volatility news events coming up for the USD.

Bearish Confluence:

• D1 bearish TL resistance
  
• 100 Day EMA resistance
  
• 500 4H EMA resistance
  
• 14 4H SMA resistance
  
• Daily pivot resistance
  
• Missed daily pivot below price
  
  

Happy Trading!