The EURUSD is currently in a trading range and setting up for an overbought signal to fade the short-term momentum higher.
You can see two distinct ranges between 1.0990 to 1.1080 and then from 1.1080 to 1.1180.
The Dollar Index is on the cusp of falling below a short term support level, which could push the Euro higher. But then the USD could be back in favour.
So my trade idea is to short the Euro on short-term strength to around the 1.1160 level down to near current S/R around 1.1080.

Short the EURUSD if it can rally higher from here

Dec 01 2020

Take Profit +0.61%

Holding time 7d19hr

1.11590

Entry price

1.10910

Take profit price

2