EURUSD 08/16/2016

EURUSD went up but bounced back around ~1.1321, which is the resistance level. However, EURUSD is still a downward trending. We are looking for shorting euro at around ~1.1321.

Reason being:

  1. EURUSD at ~1.1321 is a strong resistance level. If euro breaks this resistance level, the trend might be reversed.
  2. There is potential AB=CD pattern formed  (in red color). We will wait for euro to touch ~1.1321 level again. If it didn’t break the line confidently, we will look for short euro around this area. Please take with your stop loss and stop loss should put above the resistance line.



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