Consolidation before the drop back down?

1 août 2016

EURUSD seems to be consolidating. If the euro can't break higher at this level we could see a drop back down.
It needs to break below 1.1160 - 1.1150. If it makes a new high, above 1.1200 - 1.1210 region, then this becomes invalid.

RSI and Stoch are well directed for a short as well (if it finally breaks lower). I'm looking at 1.0980 as target for this short. There isn't a whole lot in the way of that target so it should be feasible.

Te big bearish candle on 4H chart that engulfed the previous two bullish candles is a good sign but it needs be followed up. If we get more bulls later this week we might still see new highs.

2 août 2016

Note

So much for the short, broke higher.

6 août 2016

Note

Seems like my entry wasn't that good. Either I need to improve entry or widen my SL. Price actually went lower in the end only a bit later, probably due to NFP.