A Short Setup for EUR/USD

30 Mar 2015

A Bearish Engulfing pattern is spotted on EUR/USD daily chart. after a short-term uptrend. A long legged doji candle was formed after the pattern to show that there was an indecision in its direction. It also retested the 1.09705 resistance area and failed to break the resistance level. I would enter a short trade for this pair. My setup would be an entry at 1.0840, T/P #1 at 1.0690, T/P #2 at 1.0510, and S/L at 1.1055.