Hey Traders!
Recently EURUSD has been very bearish and we bank a significant amount of pips already, however, we are approaching a daily support zone, it also is likely to bounce of the 4h channel, I expect some bullish pressure there to push the market back up towards our moving averages. If and once that happens we can look for a selling opportunity with any bearish price action candlestick formation to confirm the trade.
Overall very bearish, just need a push exhaustion cycle before we can continue to be on the safe side and take this trade further.
Recently EURUSD has been very bearish and we bank a significant amount of pips already, however, we are approaching a daily support zone, it also is likely to bounce of the 4h channel, I expect some bullish pressure there to push the market back up towards our moving averages. If and once that happens we can look for a selling opportunity with any bearish price action candlestick formation to confirm the trade.
Overall very bearish, just need a push exhaustion cycle before we can continue to be on the safe side and take this trade further.