SSignals – FREE FOREX SIGNALS: NOVEMBER 17 – EURUSD – #1

Welcome to my new series where I will be sharing a few new setups every week.

Today we will be looking at EURUSD.

This pair has been moving in a bearish market with price recently rejecting a recent bullish movement.

Anticipating the pair to retest the 1.17200-1.17000 area. If it breaks through then aim for it to hit tp1 and tp2.
If the weekly candle closes above 1.18650 then I would look to exit the trade as it would invalidate the bearish movement.

Analysis on the trade can be seen in the video embedded below.

Summary of the video:

  • Lower-lows and lower highs
  • Descending channel
  • Bearish movement
  • Previous test of  the neckline of the head and shoulders pattern.



EURUSD SHORT IDEA by Samee005 on TradingView.com

An analyst at Scotiobank explained the vulnerability of the Euro:

“A descending trend channel has formed in the period since early September, and EUR has weakened for two consecutive months. Interest rate differentials are a headwind, and speculative bullish EUR positioning is extended. Sentiment in the options market is neutral across shorter time horizons and modestly bearish beyond six months. We maintain a relatively neutral EUR forecast with a year-end 2017 target of 1.18”

If you want to learn to draw support and resistance zones, please click here

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. SSIGNALS does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex OR Binary Options involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

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