EURUSD forecast and signal, +60 pips

Heavy profit taking, bearish divergences and a double top formation sent the pair to 3860 during Asian session, where it finally found support, for the time being. Charts are mixed: daily bearish, H4 oversold, trend is neutral. As long as above 3800, our view is bullish on the pair. Below here we could see further weakening towards 3730-3700. Expecting a choppy market for today, a struggle between bulls and bears. Loss of 3850 should send us to 3800, which is a crucial support and is likely to hold. We recommend selling rallies at higher levels. Resistance @ 3940-50, 3970, 4000, 4023. Support @ 3830, 3800.
SHORT @ 3935, SL 3955, TP1 3920, TP2 3900, TP3 3885. (SL hit, -20)
SHORT @ 3970, SL 3990, TP1 3940, TP2 3915, TP3 3900. (SL hit @ BE+1)
SHORT @ 4000, SL 4025, TP1 3980, TP2 3950, TP3 3920.(TP3 met, +80)

 

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