Trade is performing EURUSD quite slow in an hour chart. There are about EURUSD correction periods for the last one month. If you look at the price action, EURUSD ‘a’ and ‘b’ are following the Elliott wave in a flag pattern and created two bottom support and resistance top.
The price that is right now has moved towards ‘a’ wave and as soon as the price reaches around the 1.1042 area, there will be a decrease in Buyer's interest from the resistance line ‘a’. And this will be the right time to shorten EURUSD as the price is reverse from ‘a’ resistance to ‘b’ support, then we will get a chance to gain 120-250 pips profit.
The second confirmation is that the stochastic indicator is also going down almost oversold and the third top resistance area is 83.51% strong.
So if you want to short EURUSD then place a short trade at price 1.1042 with 60pips stop-loss and set the profit target between 120-250pips.
The price that is right now has moved towards ‘a’ wave and as soon as the price reaches around the 1.1042 area, there will be a decrease in Buyer's interest from the resistance line ‘a’. And this will be the right time to shorten EURUSD as the price is reverse from ‘a’ resistance to ‘b’ support, then we will get a chance to gain 120-250 pips profit.
The second confirmation is that the stochastic indicator is also going down almost oversold and the third top resistance area is 83.51% strong.
So if you want to short EURUSD then place a short trade at price 1.1042 with 60pips stop-loss and set the profit target between 120-250pips.