EUR/USD SHORT

17 mar 2019

EU is still respecting this beautiful downward trend channel, identified with the red trend- lines. We have now approached the top of the channel again and if you look back to the last 3 times price touched the top trend-line, you can see the strong sell-off that followed the next several days. We have the 20 day SMA acting as resistance while the 50 day SMA is closing in as well. Price hit a very strong Daily Resistance (red horizontal line) and failed to break through. The lower time-frames (4h & hourly) show us a beautiful double top pattern on resistance, which will be our trigger to enter short on the completion of this pattern.