EURUSD is in a bearish trend with the formation of lower lows and lowers highs. The price of the shorts we are going to be placing are the price point of 1.0830. The market is in a bearish trend and we anticipate another leg down towards the support level. 

The market is in a descending channel where the market has broken the lower support trendline and may retest it further towards the upper band of the trendline. Hence, forming a confluence with the resistance level.

The retracement level of 61.8% is in confluence with the resistance level which is also a stop hunt level for the short sellers. We will gather liquidity for the market to continue course downwards.

EMA 50 is bearish and market may retest at the resistance level to confluence with the setup of shorts.

RSI is at 33. It needs to be neutralize at the 50 level in order to align with the technical factors.

EURUSD to short from retracement level

Feb 05 2024