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 price of our shorts would be from 1.1000.

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

There is no retracement indication in this setup.

The EMA 50 is ranging as it is bullish right now. Once the market pushes down, the EMA 50 can break out and continue its course.

RSI is at 58. The oscillator needs to tap the over bought region where it can form a a bearish divergence and align with the technical factors.

EURUSD shorts

Dec 18 2023

Stop Loss -0.23%

Holding time 21hr

1.09995

Entry price

1.10246

Stop loss price