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-EUR/USD was traded inside this area since JULY 2020 and breaking a 12-year downtrend (since 1 JULY 2008)
-Now we are uncertain about this breakout if it's fake or if it's a new phase for the EURUSD pair.
-for now, we still bearish on the euro targeting only new lows for the medium term.
So concerning our study, the decision on Selling came after reaching this pair for an important resistance area + forming a tweezer top candlestick formation which confirms our setup.
ENTRY: 1.1840 (below the lows of the previous 2 candles)
STOP LOSS: 1.1910 (above the high of the 2 candles.
T/P 1: 1.1740 (61.8 FIB level) and we might be heading to a DoubleTop formation.
T/P 2: 1.1655 (important support area) if 1.1740 area is broken.
-EUR/USD was traded inside this area since JULY 2020 and breaking a 12-year downtrend (since 1 JULY 2008)
-Now we are uncertain about this breakout if it's fake or if it's a new phase for the EURUSD pair.
-for now, we still bearish on the euro targeting only new lows for the medium term.
So concerning our study, the decision on Selling came after reaching this pair for an important resistance area + forming a tweezer top candlestick formation which confirms our setup.
ENTRY: 1.1840 (below the lows of the previous 2 candles)
STOP LOSS: 1.1910 (above the high of the 2 candles.
T/P 1: 1.1740 (61.8 FIB level) and we might be heading to a DoubleTop formation.
T/P 2: 1.1655 (important support area) if 1.1740 area is broken.
Trade closed manually:
I closed the Trade on 24/11/2020 due to the consolidation and to be safe. It was closed on 1.1850