After a strong bullish rally, EUR/USD has approached a major weekly resistance zone around 1.1295, a level that has held multiple times since 2023.
On the weekly timeframe:
Price has tapped into this resistance area and is showing signs of hesitation.
The RSI is at 67.59, approaching overbought territory.
A solid move has already played out, and we could be looking at a potential mean reversion move.
Volume has spiked, indicating possible distribution.
I've placed a short position at the current level, targeting a move back toward the 1.0950 area – near previous consolidation and the rising 21-week SMA (now at 1.0560, gradually catching up).
Stop loss: 1.1295
Take profit: 1.0950
Risk: -2.25 CAD on a 20,000 unit position
This setup offers a decent risk-to-reward ratio, and I'm closely watching how price behaves around this resistance. If the level breaks with momentum and volume, I’ll re-evaluate the bearish bias.
What do you think? Do you see EUR/USD pushing through or rejecting hard from here?
#EURUSD #Forex #TechnicalAnalysis #SwingTrade #Resistance #RSI #WeeklyChart #ShortSetup
On the weekly timeframe:
Price has tapped into this resistance area and is showing signs of hesitation.
The RSI is at 67.59, approaching overbought territory.
A solid move has already played out, and we could be looking at a potential mean reversion move.
Volume has spiked, indicating possible distribution.
I've placed a short position at the current level, targeting a move back toward the 1.0950 area – near previous consolidation and the rising 21-week SMA (now at 1.0560, gradually catching up).
Stop loss: 1.1295
Take profit: 1.0950
Risk: -2.25 CAD on a 20,000 unit position
This setup offers a decent risk-to-reward ratio, and I'm closely watching how price behaves around this resistance. If the level breaks with momentum and volume, I’ll re-evaluate the bearish bias.
What do you think? Do you see EUR/USD pushing through or rejecting hard from here?
#EURUSD #Forex #TechnicalAnalysis #SwingTrade #Resistance #RSI #WeeklyChart #ShortSetup
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