I am a novice both to trading and trading view. Just need feedback on this amateur analysis for this possible short position on EURUSD. I took in mind what I considered support and resistance levels on the daily time frame and 4H time frame. Also, the failure for the price to make a new higher high on the 4H time frame is somewhat an indication that the bulls are losing momentum. Another reason is the lower lows being created by the RSI indicator which also shows possible shorts. As you can see, the position is based on the 4H time frame.
In my opinion, if we can break the current support level, we can easily go down to the next support level (which I think is a 4H support) and a break of that support will push us down further 150+ pips for our next target. I considered that target to be slightly above the mini support level around that region. And if we can also break that level then we can go further down almost 300+ below.
Now that's my amateur analysis, I might be correct or completely wrong. Any help is appreciated.
In my opinion, if we can break the current support level, we can easily go down to the next support level (which I think is a 4H support) and a break of that support will push us down further 150+ pips for our next target. I considered that target to be slightly above the mini support level around that region. And if we can also break that level then we can go further down almost 300+ below.
Now that's my amateur analysis, I might be correct or completely wrong. Any help is appreciated.