Looking to short EU if daily candle closes below 1.16000
Daily Timeframe Confluences:
- Bearish market, as the market is making a series of LH and LL
- If we get a closure below 1.16000, we could enter a short position on the retest of this level for a new LL to be created
4H timeframe confluences:
- Intraday bullish momentum and ascending trendline has been broken, further indicating a bearish market is now in play
Targeting the monthly key level of 1.15000
Daily Timeframe Confluences:
- Bearish market, as the market is making a series of LH and LL
- If we get a closure below 1.16000, we could enter a short position on the retest of this level for a new LL to be created
4H timeframe confluences:
- Intraday bullish momentum and ascending trendline has been broken, further indicating a bearish market is now in play
Targeting the monthly key level of 1.15000
This pair is currently ranging (blue rectangle box)
Based on market structure my bias remains bearish; however, if we get a candle closure above this consolidation block we may see higher.