EURUSD SELL SHORT

11 mar 2021

here is the current analysis of EURUSD on 4h timeframe. The price has broken the major support area @ 1.2000 on 4th march 2021 and was driven with massive sell off ( rally). It is also to be noted that price also broken the uptrend channel marked with blue trend line. Now the price is under retracement and is now reached the 50% fib level. also fib level 61.8% and yellow marked major ressistance zone is coinciding. And this builts multiple confluence on this trade. Iam looking for short position and expecting the price to reach at 1.8500 in the next week and stop should be placed well above 1.2010 to avoid fakeout and smart money liquid rebate. This brings with nice risk reward ratio of 1:5.5/6 .
So best of luck everyone on this trade.
Stay green! @CaptBinary