EUR/USD I see the short term trend as down, therefore class this as a Trend Continuation trade based on:
- Bearish englufing shotting star formation close on the 4H, failing to close above the 50% retracement line (from daily timeframe - shown in yellow on chart image).
- Price action failed to close above the 1.4117 level together with candles showing a lack of upward momentum.
- Price has now placed in a lower high on the 4H something which it has not done in some time.
- 8EMA failed to take control on the 1D, therefore shows that the strong bearish candle on (05/06/09) is still in control and therefore we can expect a bigger retrace than 23.6 from the larger upmove. (will explain this on the video)
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