Looking to Sell EUR/USD
If you look at the weekly chart in this market going back to the record highs from 2008, the picture is far from bullish, with the market trending lower and now potentially establishing a fresh lower top below the recent highs just shy of 1.5000. As such, we like the idea of selling, but will only do so into strength given the sharp dropp off of the past several days. The 1.4500 area shows a confluence of overwhelming technical resistance in the form of the 10/20-Day SMAs, previous internal resisatnce from April (left shoulder possibly), and a 50% fib retrace off of the latest extreme move. As such, any rallies over the coming sessions towards 1.4500 will be used as a good opportunity to build a meaningful short.
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