EURUSD a nice short opportunity

2 Feb 2020

Hey guys welcome for EURUSD update

--------------------------------------------------

now clearly here we get a H&S formation which mostly acts as a bearish pattern, now usually i dont believe in patterns but some other facts are also indicating towards bearish scenario
as the upper trend line you see is the very first resistance, meanwhile the white horizontal line you see is 21 WEMA, so definitely we could expect a sell off from here
RSI is now also moving in overbought area

--------------------------------------------------

here's the monthly chart showing the bigger picture

the trend line you see coming right away from 2008, prices had several attempts to break this earlier but failed multiple times,
also 21 MEMA resistance is in action exactly at 1.127


here in daily chart we see a clear H&S formation and current rally more looks like a pullback or a dead cat bounce
also the 21 WEMA sittong exactly on 1.109 level
my custom rsi has jumped exactly from the green zone which could be more like a dead cat bounce


my custom rsi in 4h chart, quite bullish in short term as almost moved in the red zone, probably EURUSD could enter in a consolidation pattern here for a while

--------------------------------------------------

that's all for now, hope this idea will help you making good profits
for more updates follow me here and twitter

--------------------------------------------------

this is Husain Zabir, signing out
Thankyou...