Good afternoon team,

We were previously stopped out of our short on the EURUSD but based on the technical bounce on the DXY and the rejection on the EURUSD from the negative trend line resistance, our bearish analysis still remains valid. We are giving this position another shot as the RISK v Reward is skewed heavily in our favour.

EURUSD Daily Chart

EURUSD 4 Hour Chart

EURUSD – Elliott Wave Count

Trade Setup: SELL market execution, current price 1.1416, stop loss 1.1496 and take profit 1.1100.

Stop loss: 80 pips

Take profit: 316 pips