Attention by EUR/USD for possible new sell

EUR/USD 23.11.2016 H4 chart.

Downtrend and short term downward movement.

Forming of a flag formation, as break below the diagona support will give a sell signal below 1,0580 or after test of the break.

Technical indicators:

CCI(50) below 0 – negative signal

Price below SMA50 and SMA200 in bearish formation – negative signal

Fundamentals: Sentiment is for strong USD, and the Philip Hammond Autumn statement and the uncertanty around the Brexit vote can lead to EUR depreciation.

SL 1.0680

Alternative scenario: A break in upper direction of the flag formation won’t give us signal for buy but we can then wait a better price for new short positions.

Jr. Trader Nikolay Georgiev

 Varchev Traders

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