EURUSD shorts in play

EURUSD shorts in play

The EU is still trading inside of the range it has been trading for the past 2 1/2 weeks but now has broken with a wedge and dropped 36 pips to created wen weekly lows.

We missed the move but a pullback to the previous broken level would give us a great short entry with good risk parameters targeting the previous weekly lows at first and if broken the next key level.

It´s possible that we do not get this pullback and in that case we will be looking for the break of the previous weekly lows and a retest to get in on the range´s breakout.

The DXY is still trading inside of a range itself but creating a flat triangle pattern which points at a bullish breakout in the short term making our EU short thesis even clearer.

Be patient to getting filled and don´t jump in this blindly. If we don´t get filled we will look for another entry.

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Author : Orlando Gutierrez

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