Traders,
At the moment , we are heavily net short the Euro mostly as advised by technical developments. In the monthly chart, you can notice price action are trending lower in relation to the upper BB. That is despite EURTRY being higher price wise. Stochastics are also over extended and a sell signal is in the process of being printed.
Secondly, in the daily chart, there is a clear bear divergence signal. Price action is trending higher while bears are stepping gas on the sell pedal. To show that, there is a sell signal in place and a three bar reversal pattern called an Evening Star.
I will look for better entries in the 4HR and that is why I believe a sell limit will do the trick here:
Sell Limit: 4.42-4.47
Stop Loss: above 4.48
Stop Loss: 4.2, 4.0
Have a good trading day
If you find this interesting, hit the like button as you benefit from the positive swaps associated from TRY longs.
You can also visit our website at Forex.Today. Everyday we make sure you guys stay afloat by posting in depth analysis like this one here: preview.tinyurl.com/EURTRYAnalysis check it out and let me know what you think.
Bests,
Kipyegonn
At the moment , we are heavily net short the Euro mostly as advised by technical developments. In the monthly chart, you can notice price action are trending lower in relation to the upper BB. That is despite EURTRY being higher price wise. Stochastics are also over extended and a sell signal is in the process of being printed.
Secondly, in the daily chart, there is a clear bear divergence signal. Price action is trending higher while bears are stepping gas on the sell pedal. To show that, there is a sell signal in place and a three bar reversal pattern called an Evening Star.
I will look for better entries in the 4HR and that is why I believe a sell limit will do the trick here:
Sell Limit: 4.42-4.47
Stop Loss: above 4.48
Stop Loss: 4.2, 4.0
Have a good trading day
If you find this interesting, hit the like button as you benefit from the positive swaps associated from TRY longs.
You can also visit our website at Forex.Today. Everyday we make sure you guys stay afloat by posting in depth analysis like this one here: preview.tinyurl.com/EURTRYAnalysis check it out and let me know what you think.
Bests,
Kipyegonn