Hello Traders, I’m Mani and I’m the writer of Trade 77 section, please follow me on twitter for further updates.
Today’s morning technical idea is for EURUSD.
We have got a great opportunity on the four hour chart of this pair:
Down sloping trendline made some bounces a few hours before and showed me this trendline is in action here. Now there is a bearish engulfing candle going to be formed, so I want the price to reach exactly around 1.3450-1.3440 range and then wait to see if any candles close below the trendline or another bounce from this line.
Price is far away from moving averages and I was looking for a pull back and then going short again as the short term trend is bearish now. So that pull back can be formed around this trendline.
In the H1 chart above we can see that moving averages are in the action and I think any closes beyond 20sma will indicate a pull back and start of a short bullish move.
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