EURUSD Trade Setup

by: Colibri Trader

Hello everyone,

Last trade setup was EURUSD, as well. I was looking for a possible reversal or a small retracement and then continuation of the uptrend.

What happened since I wrote the daily analysis article was EURUSD going lower to the level of 1.1860. As I was expecting, that is exactly where the price retraced back to.

What’s next???

EURUSD Trade Setup

I am looking at the daily chart of EURUSD. I am seeing more bearish patterns. My mood is still cautious, since we are in a major uptrend.

The daily candle is a bearish rejection, engulfing the previous candle. This is a bearish indicator.

The 4Hour chart is showing more bearish signs. Have a look at the 4 hour chart below:


EURUSD Trade Setup

I am seeing a possible small retracement towards 1.1900. Then, if price action confirms my bearish expectations, I might take a small short position. My primary target would be 1.1700.

For the time being, there is a bearish rejection pinbar as indicated on the 4H chart. The bearish move started with an inside bar, as shown on the chart, as well.

Happy Trading,

Colibri Trader

p.s.

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