Creek-style crisis
The eurozone crisiscontinues. On Saturday the Greek government and European creditors did notmanage to come to a compromise on additional financial aid and credit easing.The financial bailout program expires on June, 30. We can literally assume thatGreece is on the brink of default while eurozone is close to a politicalcrisis. The EUR/USD currency pair opened with a bearish gap onMonday. The price has been moving within the H4 and daily trends that both havea negative slope. The instrument has three times approached the support line at1.12339 but has not yet crossed it. As a result, the bearish triple top patternhas been shaped. The Parabolic indicator has been moving inside the H4corridor, confirming the trend. The RSI-Bars oscillator doesnot contradict our assumptions. We are expecting the next bar to close belowthe resistance level at 27%.
We believe that all therepresented instruments have been giving sell signals. The terminal impulse isanticipated after breaching the 27% oscillator support, which corresponds tothe Donchian Channel lower boundary and the fractal at 1.09802. A sell pendingorder may be placed at this mark. A stop loss may be placed at the channelopposite boundary at 1.12339. This level is supported by Parabolic historicalvalues, the pattern and the trend line. The stop loss is supposed to be movedevery four hours near the next fractal high, following Parabolic signals. Thus,we are changing the probable profit/loss ratio to the breakeven point.
Position
Sell
Sell stop
below 1.09802
Stop loss
above 1.12339
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