EURUSD, 60 min
EURUSD short trade T1 was hit in today’s trading. I pointed out yesterday that as EURUSD is correcting lower after hitting resistance at 1.1300 plus levels and the price is making lower highs and lower lows the indications are bearish. The plan was to sell if my conditions for a short entry are met. This meant that we look for a rally inside my sell area between 1.1150 and 1.1180 and provide us with sell signals there we are looking to engage the short side with a view of covering the shorts at target areas. Target 1: 1.1040-1.1085 and Target 2: 1.0965-1.1010.
Price indeed rallied to my Sell Area and after a brief attempt to rally higher EURUSD was in two occasions met with heavy selling and dropped lower. The pair didn’t go into the sell area but those ready as per my teachings in webinars were ready and made some pips. Price has now reached my first target area. Technical picture looks still bearish and favours short trades rather than longs. Therefore, I expect that after a pause, market will eventually penetrate my T1 area and continue towards my target two.
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About Janne Muta, HotForex’s Chief Market Analyst
Janne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.
Traders and fund managers from around the world have benefited greatly from Janne’s technical analysis methods. The indicators and price action based trading models he has developed, have, after rigorous testing, proven to be invaluable in identifying high probability trades.
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