Just found a too good to be real situation on EURUSD:
1D, 4H and 1H show a clear bearish condition, and after the triple support on 1.1242, and posterior perforation, the 1.1235 Resistance and the Triangle breaking shown on the 15m chart offer a really good position to enter shorting the pair. EMA 24 and EMA 100 show a clear bearish condition on the short term, and the bearish channel that started on Monday is still very strong, so the situation is ideal for a few hours to a couple of days trade.
My expected evolution is for the pair to confirm the break of the triangle going south of the Pivot to test S1 in the next hours; as I view S1 as a quite weak support, a German Unemployment data release that might disappoint will be enough to send the pair to test S2 ahead Brexit new vote and the US data release scheduled at 15:00 ECT. I see S3 within reach if news accompany the bearish setting.
On the other hand, if S1 holds, and specially if R1 is traversed, that probably will signal a trend reverse; a close for the week above R2 will be a strong signal, and if R3 is reached (probably only possible on news release), a confirmed break up will open the pair for bullish positions.
So going for a few hours trade, I see an ideal opportunity to open a trade on the pivot with Stop a few pips above R1 and Take Profit around S2; if going for a longer trade, extending the TF to S3 or ever lower and giving a few more pips above R1 going to R2 makes a lot of sense for a trade going well to the middle of the next week.
1D, 4H and 1H show a clear bearish condition, and after the triple support on 1.1242, and posterior perforation, the 1.1235 Resistance and the Triangle breaking shown on the 15m chart offer a really good position to enter shorting the pair. EMA 24 and EMA 100 show a clear bearish condition on the short term, and the bearish channel that started on Monday is still very strong, so the situation is ideal for a few hours to a couple of days trade.
My expected evolution is for the pair to confirm the break of the triangle going south of the Pivot to test S1 in the next hours; as I view S1 as a quite weak support, a German Unemployment data release that might disappoint will be enough to send the pair to test S2 ahead Brexit new vote and the US data release scheduled at 15:00 ECT. I see S3 within reach if news accompany the bearish setting.
On the other hand, if S1 holds, and specially if R1 is traversed, that probably will signal a trend reverse; a close for the week above R2 will be a strong signal, and if R3 is reached (probably only possible on news release), a confirmed break up will open the pair for bullish positions.
So going for a few hours trade, I see an ideal opportunity to open a trade on the pivot with Stop a few pips above R1 and Take Profit around S2; if going for a longer trade, extending the TF to S3 or ever lower and giving a few more pips above R1 going to R2 makes a lot of sense for a trade going well to the middle of the next week.