EURUSD Short opportunities may appear in coming weeks
EURUSD seems to be hard to go above resistance zone around 1.1180. As can be seen from the chart, we can find a 50% fib resistance from previous high on 24 June, a 38% fib resistance from previous high on 03 May, and a horizontal resistance from lows on 14-16 June. Also, from the whole picture, this pair is in a retracement procedure of the breakout of the green trendline on 24 June following Brexit.
I would recommend to wait for a weak candle going down and breaking the yellow trendline on 4 hour chart, and then start looking for opportunities to enter short. I don't recommend to enter short now though we have a short expectation, as some fake upside movements may appear before the real down-trend begins.
I would recommend to wait for a weak candle going down and breaking the yellow trendline on 4 hour chart, and then start looking for opportunities to enter short. I don't recommend to enter short now though we have a short expectation, as some fake upside movements may appear before the real down-trend begins.