EURUSD earlier hit our take profit. Now, its just in a bearish trend creating lower lows and lower highs. With this, we can assume market being in a bearish sentiment. The fact remains that the market still has room to continue moving further down towards the bearish side. At the support level of 1.0480, will be our next profit target. With that, we will be selling at the price of the stop hunt, which is slightly above the resistance level at 1.0592.

The market had earlier validated and confirmed the trendline breakout sells. No, its in a continuous downward move. If we see a trendline breakout sell on a lower time frame, that would be an added confirmation for the short sells.

The 61.8% is the area above the resistance level, which also happens to be the stop hunt level. We are looking at this price for shorts. It is to be noted that this retracement is not exactly in confluence with the resistance, but, we are aiming at the stop levels.

EMA 50 and EMA 200 are in a bearish sentiment with a death cross on the verge of turning bearish. After the breakout of the EMA, market was unable to retest the EMA 50. Therefore, it is expected that market will retest the EMA at either of the levels at the resistance or the retracement level.

Both the oscillators RSI and CCI are in an over sold condition. The extended over sold condition needs to be exhausted and neutralized. At our given short area, the oscillators will be neutralized and get in confluence with the technical factors which match the short sell plan. We can also wait for the oscillators to turn into the bearish region before taking any further short positions.

EURUSD another short setup

Jun 19 2022