EURUSD Bearish engulfing and hoping for a break

Jan 3, 2017

EURUSD have the last three days formed a bearish price action - Bearish engulfing - on a clear resistance around 1.0520. Together with a very large spike, resistance on the channel and close below 0.382 fib, I am looking for a break of the 1.0350 support and continuation of the down trend.

I took position two days ago on 1.0500 with a SL right above the channel resistance and will use a trailing SL when braking the support on 1.0352. Will be interesting to follow the pair the next few days.

Jan 5, 2017

Note

Hi all,

I expected some support on 1.0350, but was not expecting such a big move and a even bigger engulfing for bullish signal!

I am looking at 1H and see some resistance and dobbel top formation. A close below 1.0500 today would signal that the channel is still on play and will present a very good level/price for a short position. I took another short today at 1.0550 based on the 1H.