EURUSD has been bearish since a few months now. The fundamental aspect of the weaker EURO tends to push the EURO down against the USD, which is comparatively strengthening, especially after at re appointment of the Fed chair.

The market structure of EURUSD is bearish. The LL’s and LH’s have been formed on the H4. After the retest of the broken support, which has become resistance, we will take the short position and ride for another 100 pips. Right now, market is at the support level. Buying here is decent for intraday setup. For swing, we have to look for the short positions from the resistance.

The descending trendline is about to be tapped. If this trendline is broken out for the breakout buy, we will still wait for the market structure to turn bullish. Just based on the trendline after breakout buys, we will not take the buys.

At the resistance level, we have a confluence of the golden retracement level of 75-78.6%. This retracement having a confluence on the support level highlights the strength of this region. This retracement completely aligns with the supply zone as well. This supply zone will act as a catalyst for the market to gather liquidity to bring it down.

Both the EMA 50 and EMA 200 are in a bearish sentiment, with a bearish death cross. After the breakout sell of the EMA 50, market was unable to retest at the resistance level. At the resistance level, we anticipate a retest of the EMA 50. This EMA 50 will give us a second factor for shorts.

With the oscillators, both are in the bearish region. The RSI is at the 24 levels, whereas CCI is at -133. We need to wait for the oscillators to neutralize themselves at the neutral level at the resistance level. From that level, we will have an added confluence of the oscillators to go short.

EURUSD continuation of bearish trend

Nov 24 2021

Stop Loss -0.00%

Holding time 46d15hr

1.13320

Entry price

1.14000

Stop loss price

2