EUR/USD-4 Hour setup

Hello everybody!

-On a 4-hour chart, we can see that the price reached 50% Fibonacci level and we can see that the price is just a few pips under the 200 period EMA.

-On the Stochastic indicator, we can see that the price is deep in an overbought area so we might expect that the bears are going to take some control and push the price in a bearish direction.

-We can see that the last candle made a bearish engulfing pattern so we have an extra signal to take a short position.

-If USD becomes stronger than EUR then we can expect bearish movement and IF EUR starts new week stronger than USD then we can expect bullish movement.

-WHAT DO YOU THINK ABOUT THIS SETUP?
Please let me know in the comment section!

THANKS FOR READING!

-If you have some different opinions please let me know and if you like this please hit that like button and give me support, I will appreciate every support.

-Remember this analysis is not 100% accurate. No single analysis is. To make a decision follow your own thoughts. The information given is not a Financial
advice.