The short long of EURUSD
EURUSD has come to a strong resistance level price has not come back to this area since April 23-24 2018
When price was last at that level it spent some time before creating a break out candle stick to turn resistance
We can see on the four hour that once price closed below 1.2205 with wick rejections it has been a steady path of resistance
Now that price has come back to this level we must wait for a break out stick to break back through 1.2205.
As for now the 4H price has pinged off the low of the level (1.21700) to show signs of resistance; however it is important to note that EURUSD is currently overbought thus creating a fake out to the downside before breaking this level use good risk management, the market has a great memory but patience is the key if price closes above 1.21700 look to buy
When price was last at that level it spent some time before creating a break out candle stick to turn resistance
We can see on the four hour that once price closed below 1.2205 with wick rejections it has been a steady path of resistance
Now that price has come back to this level we must wait for a break out stick to break back through 1.2205.
As for now the 4H price has pinged off the low of the level (1.21700) to show signs of resistance; however it is important to note that EURUSD is currently overbought thus creating a fake out to the downside before breaking this level use good risk management, the market has a great memory but patience is the key if price closes above 1.21700 look to buy
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