Earlier, we had a bullish setup on EURUSD which has triggered our stop loss. The reason was that the market is still in a bearish trend with the structure of lower lows and lower highs. That being done, we need to set up our short position from the resistance level priced at 1.0715. From here, I anticipate another bearish impulse towards the downside.

The descending trendline is due for a retest which we might get at the resistance level once the market taps the resistance. Other than that, we are simply in a breakout sell trendline trend.

The retracement level is in confluence with the resistance level and the 61.8% retracement is in confluence. 

EMA 50 is bearish and the EMA 50 is curved slanting downwards. This means, the trend is still bearish.

RSI is at 57. It needs to be neutralized at the 50 level in order for the market to align with the technical factors. 

EURUSD still bearish

Sep 20 2023

Take Profit +0.79%

Holding time 10hr

1.07146

Entry price

1.06304

Take profit price