Short Sell EUR/USD

Trade Setup:

Entry Point: Short Sell at 1.10719
Stop Loss (SL): 1.11100 (above key resistance level)
Take Profit (TP): 1.10150 (based on weekly support level)
Analysis:

1. Technical Resistance:

4-Hour Trendline Resistance: The EUR/USD pair has recently been testing a significant trendline resistance on the 4-hour chart. This trendline has proven to be a solid barrier, with multiple rejections indicating strong selling pressure. A breakdown from this level could signal a continuation of the downward trend.
2. Weekly Support Level:

Weekly Support Level: On the weekly chart, a key support zone lies around 1.10150. This level has previously shown strong support, making it a logical target for our trade.
3. Trade Rationale:

Resistance Confirmation: The price action at 1.10719 aligns with the current trendline resistance on the 4-hour chart. This makes it a prime level to consider for a short position.
Risk-Reward Ratio: With the stop loss set at 1.11100, we are allowing for some room above the resistance level to avoid premature stop-outs. The take profit level at 1.10150 provides a favorable risk-reward ratio, targeting a significant support level.
Trade Management:

Monitor the Trendline: Keep an eye on the 4-hour trendline. A close above the trendline may signal a potential reversal or adjustment to your trade strategy.
Adjust Stop Loss: If the price moves favorably, consider trailing the stop loss to lock in profits and protect against reversals.
Summary:

Short Sell Entry: 1.10719
Stop Loss: 1.11100
Take Profit: 1.10150
This setup leverages the confluence of trendline resistance on the 4-hour chart and a significant weekly support level to create a structured short position with a well-defined risk-reward profile. As always, ensure to perform your own analysis and adjust based on market conditions.