EUR/USD Price Analysis: Scalping target achieved

EUR/USD bears have been in control on Tuesday and taking on critical support structures.
The following illustrates the trading opportunities identified earlier in the day with positive outcomes.

Ross J Burland FXStreet

As per the prior analysis, EUR/USD Price Analysis: Bears waiting to pounce to test daily support, the price has reached the first target forecasted in the article.

Prior analysis

Prior live market update

As seen, the price is drifting lower through that horizontal support and bears may wish to start to look for an optimal short entry point at this juncture.

Prior 15-min trade setups

''As illustrated above, the price is now moving further lower which gives rise to a scalping opportunity as well as an intrasession trade set-up opportunity to target the daily support zone.

The scalping stop loss is based above the 20 EMA and horizontal resistance, as well as the dynamic resistance. The intrasession stop loss is above the correction's highs. ''

Live market update, target achieved

The resistances held and the price melted to the downside as expected.

At this juncture, the bears will be taking profits and unless daily support gives at 1.1683 that could be all from the bears for now and until Europe comes online.

Those bears shorting for longer daily downside targets may already have their profits booked partially and moved position to breakeven.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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