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EUR/USD Short Technical Take (Hourly Chart)

Odwa Magwentshu


Express short trade EUR/USD on an hour chart

I am looking at a short on EUR/USD as soon as it closes below the 1.1960 level. For the hour (09:00 – 10:00) it is hovering around the level and at 10:00, should the candle stick close below 1.1960, a short trade is on the cards for a 100-point move.

There has been a head and shoulders pattern that has formed on the back of the North Korean missile test on Tuesday. Towards the end of the day yesterday the dollar index consolidated after the spike at the beginning of the day.

Trade summary:

Short EUR/USD (Hourly chart)

Entry                  1.1960

Stop loss            1.1990

Take profit         1.1860

Remember... trade responsibly, your capital is at risk and trading can lead to capital losses.

Until next time, I wish you profitable trading.

 All charts sourced: Bloomberg

Odwa Magwentshu | Trading Specialist at GT247.com

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