EUSTX 50 Index Offering Pullback Setup | Aug 29th

Verified Profitable Trader

EUSTX50 – Pulling Back Into Key Level
After forming a textbook HS pattern (head and shoulders patter), the European index broke nicely through key support at 2766, which was a critical support level. The break of this level confirmed a key trend transition as it formed a LH (lower high) and now LL (lower low) suggesting downside is the path of least resistance. I’ll look to sell on a pullback setup towards the 2766 area, targeting the LL at 2718 and a much deeper sell-off towards 2650, possibly 2545. Only a daily close above 2833 changes my bearish bias. Of course a change in direction away from military action in Syria could push global indices higher and bring risk back on.

EUSTX50 pullback setup price action 2ndskiesforex

Take a look at a sneak peak into our Price Action Course with a video on Liquidity, Price Action and Trading.

Want More? My private members get all my trade ideas & market commentary 4x per week. Click here to become a member.

Related Article