Preparing for a Major Bearish EURUSD Move

Preparing for a Major Bearish EURUSD Move

17 September 2014, 04:13
Zheng He
0
124

Lots of action so far and now markets are at a standstill. Not a complete standstill, but not much movement  is going on between major announcements. However, based on the current price action set up, it looks like EURUSD is preparing for another round of selling.

 

The upper resistance line followed by an ascending trend-line marking higher and higher lows. What does this mean exactly? It means that price has found sellers anywhere along the "horizontal" lines, but buyers have been pushing the price up. Buy orders are moving higher and higher, but yet it failed to break the resistance line. This shows that there are less buy orders. It's a rather risky trade as it is very much influenced by the news, but the bias here is still to short.  

Share it with friends: