The chart below shows the trade set up for EURUSD Renko charts.
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| EURUSD - Renko Charts Analysis, 25/07 |
The same chart when viewed with the regular candlesticks is shown below.
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| EURUSD - Daily Charts, Candlesticks |
Friday 25 July 2014
EURUSD - Potential Short Position
EURUSD, Renko charts show a possible downtrend in play, with the likelihood of a retracement, giving traders the chance to sell the rallies. There seems to be a good price level of 1.3526 and 1.3576 to short from, targeting 1.3376 with stops for both orders coming in at 1.3676.
The chart below shows the trade set up for EURUSD Renko charts.
The same chart when viewed with the regular candlesticks is shown below.
Notice how price is trading below the 200EMA. Stochastics are in oversold levels, pointing to a possible correction to the upside. The trend line has been broken and there was a clear re-test of the broken trend line as well, confirming the bias to the downside.
The chart below shows the trade set up for EURUSD Renko charts.
The same chart when viewed with the regular candlesticks is shown below.
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