EURUSD Range High| Bearish Retest| .618 Fibonacci| 200WMA
Evening Traders,
Second analysis for today – EURUSD – how Price Action is approaching range high is considered bearish with a rejection being probable.
Points to consider,
- Range high resistance
- Bearish Price Action
- .618 Fibonacci confluence ( Range low)
- 200 WMA support
- Oscillators overextending
EURUSD is approaching its range high, a technical resistance level where a price reaction is highly probable.
Price is approaching in a bearish manner with multiple weekly indecision closes. This is indicative of a volatile move.
The .618 Fibonacci is a likely target, this area is in confluence with range low. Furthermore the 200 WMA is sloping up slightly, a back test will be healthy for the trend.
Both oscillators are approaching over extended regions, this is indicative of a reversion to their means as price retraces.
Overall, in my opinion, EURUSD is a valid short with defined risk above swing high. Price Action is to be used upon management/ discretion of trade.
Hope this analysis helps!
Thank you for following my work!
And remember,
Don’t worry about what the markets are going to do, worry about what you are going to do in response to the markets. - Michael Carr
Second analysis for today – EURUSD – how Price Action is approaching range high is considered bearish with a rejection being probable.
Points to consider,
- Range high resistance
- Bearish Price Action
- .618 Fibonacci confluence ( Range low)
- 200 WMA support
- Oscillators overextending
EURUSD is approaching its range high, a technical resistance level where a price reaction is highly probable.
Price is approaching in a bearish manner with multiple weekly indecision closes. This is indicative of a volatile move.
The .618 Fibonacci is a likely target, this area is in confluence with range low. Furthermore the 200 WMA is sloping up slightly, a back test will be healthy for the trend.
Both oscillators are approaching over extended regions, this is indicative of a reversion to their means as price retraces.
Overall, in my opinion, EURUSD is a valid short with defined risk above swing high. Price Action is to be used upon management/ discretion of trade.
Hope this analysis helps!
Thank you for following my work!
And remember,
Don’t worry about what the markets are going to do, worry about what you are going to do in response to the markets. - Michael Carr