Im bearish on the weekly EURUSD chart and using the daily to find a good entry. MACD is coming down from overbought levels which is good for our short but is at a trendline that has been consistent since 11/25/16 so it is best to wait. RSI bounced off a consistent trendline on 6/20, that line has been hit 4 times and come close to being hit 2 more times so a break below that line could lead to a significant downtrend and confirmation for my short position. Stochastics are in the oversold level which means price is consistently closing at the bottom of its daily range, the %K line bounced up but %D is still going downward so I am going to ignore the %K line. The biggest confirmation for me is a break below the RSI trendline.
