EURUSD has broken the support level which has now turned into a resistance level. The trend is still bearish and we are just going to be taking the bearish setup to provide for the deliberation of the correction. This is a risky setup which can garner us some good reward. We can take the position till the support level. The pair looks lucrative towards the downwards move.

The ascending trendline is broken out for sells. The market has also validated the sells and the continuation seems varied towards the downside.

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

The EMA 50 has broken out for sells and the market may retest it back at the resistance level from where it can further hop down after retesting.

RSI is at 39. It needs to neutralize at the 50 level in order to align with the technical factors.

Continuing EURUSD shorts

Dec 08 2023