EUR/USD double top on 1.085 and a “shooting star”, still early for a sell, correction in effect

EUR/USD medium term move is descending and a short term correction is up and still in effect.

Short term move is still long as long as the price is over 1.0782, open a position now is risky, because the price is inder the resistance of 1.085. And I’m waiting for news, which may lead to sharp moves in both directions. I won’t trade before the news and wait for a confirming signal in the break under 1.0782, only then – a sell.

The levels 1.0850 are a resistance, where on H4 there is a “shooting star”, which gives us a signal for a possible rising. The trade of that kind formations is risky, but with a good ratio profit/risk. Stop on 1.0860 and a target around levels of support 1.0658.

The price crossing under 1.0782 will give a signal for short positions with a target 1.0658 and a stop over 1.0800.


 Varchev Traders

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