EURUSD: Shorting Trading Plan For Next Week 🇪🇺🇺🇸

29 May 2021

Hey traders,

This trading week was crazy. EURUSD was consolidating within a very narrow trading range
and we saw a lot of false bullish/bearish breakouts.
Market maker was playing with our expectations constantly changing our biases.

For now the price is still trading below a major daily supply cluster.
And even though the price set a new higher high higher close on a daily, for now the violation is considered to be false one.

I still believe that the pair is heavily overbought and it needs a retracement
To catch it wisely, keep monitoring a rising wedge pattern.
On Friday we already saw its breakout attempt, however, for now the price managed to return within its boundaries.

Your plan is simple - wait for a daily candle close below a support of the wedge.
It will be a strong bearish signal and then a bearish move will most likely follow.

Your goals will be 1.205 / 1.20

Remember that if the price violates the underlined supply cluster to the upside, the setup will be invalid and bullish continuation will be expected.

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31 May 2021

Not

Check my new analysis on USDJPY: