EURUSD Bearish Reprieve | Profit Taking at 200 Day SMA

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Notes:
  • 200 Day SMA acting a formidable support at 1.1100.
  • Profit taking should take place at this point, temporarily halting the bear run that began in early May.
  • Provided that the Fed is on course for a Rate Hike in June, I maintain a Bearish bias on this pair.
  • With that being said, I look to the 1.22 - 1.23 zone for further Shorts due the technical confluence presented on the chart. The 25-Day EMA can also be extrapolated to this area that should act as good resistance.
  • Alternatively, a Weekly close below the 50 Week SMA would be further indication for increased Bearish traction.
  • Provided that the ECB and FOMC Rate Path and Monetary Policies remain at a differential, the pair should experience a general slow creep to the downside, especially now that a major ascending trend-line has broken (on chart)


Alternative Scenario 2:

  • 1.118 holds as Resistance on a break of the wedge shown on the H4 TF.
  • Price remains trapped within a range bound by the the 25-Week EMA and the 50 Week SMA up until the lead-up to June FOMC Rate Decision.


Long term Short-side Target at 1.100.
交易开始
Low risk attempt at a Long till 1.2200;
Stops below 200 Day SMA.
注释
快照
注释
Still in Profit:
快照
注释
Targets adjusted. SL tightened. Higher highs need to be cleared for further upside.
快照
注释
Previous position will be left to run to its target.
New Long position was opened.

快照
交易结束:到达目标
Profits booked on first trade.
EURUSD

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