EURUSD: Day Short the Pullback
After forming 4 consecutive days of bullish candles, EURUSD was resisted at the top of a rising channel as it completed an AB=CD pattern.
Just as I shared in my weekly forecast for this week, the upside for EURUSD is already limited.
The price has fallen and yesterday, forming a bearish engulfing, showing that the price may continue to fall and pull back further.
More take profits may happen as today is Wednesday and institution traders may look to exit more buy orders to reduce cost for swap rate.
Wait for the price to climb back to 1.1377 for selling opportunity.
Just as I shared in my weekly forecast for this week, the upside for EURUSD is already limited.
The price has fallen and yesterday, forming a bearish engulfing, showing that the price may continue to fall and pull back further.
More take profits may happen as today is Wednesday and institution traders may look to exit more buy orders to reduce cost for swap rate.
Wait for the price to climb back to 1.1377 for selling opportunity.
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