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.

If you want to refresh your candlestick knowledge, you can re-visit my recent article on candlesticks and download the free e-book with candlestick patterns.

If you have any questions, please do not hesitate to ask me on: admin@colibritrader.com

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