Potential Downside For EURUSD

EURUSD

This pair looks promising when we first saw the MACD signal line forms a golden cross. But when we look at the daily trend, we have to say that this pair might still in downtrend.

Here's our strategy:

• To confirm the reversal, price must go beyond 1.05600, which will create a reversal pattern.
  
• If fails, then we recommend to short with 1.05055 and 1.04376.
  
• Being a resistance, if you short this pair immediately, 1.05600 will be the SL level.
  

Let's say that this pair will have to reverse and start moving up, then buy with 1.06342 as TP.

Conclusion: looks promising, just need to wait for confirmation.