The EURO is trading beneath the 200 MAV.
Presently a Flag pattern can be interpreted. If this is a continuation pattern, then expecting price to break to the downside.
What is unknown the the number of waves to be completed within this pattern . So far 4 , this could be it or there may be 5 or more.
So two trading opportunities.
Price makes it back to top of flag.
1. Entry around 1.1280
2. Stop above the 200 MAV and Monthly Pivot at 1.1320
3. Target is the extension of the flagpole at 1.1060
Risk Reward is significant at 6.
Price breaks the flag and retests support now as resistance
1. Entry at 1.1205
2. Stop above flag at 1.1280
3. Target is extension of flagpole at 1.1060
Risk reward is conservative 1.8.
I know which i prefer, and awaiting price movement next week to guide the entry......
Presently a Flag pattern can be interpreted. If this is a continuation pattern, then expecting price to break to the downside.
What is unknown the the number of waves to be completed within this pattern . So far 4 , this could be it or there may be 5 or more.
So two trading opportunities.
Price makes it back to top of flag.
1. Entry around 1.1280
2. Stop above the 200 MAV and Monthly Pivot at 1.1320
3. Target is the extension of the flagpole at 1.1060
Risk Reward is significant at 6.
Price breaks the flag and retests support now as resistance
1. Entry at 1.1205
2. Stop above flag at 1.1280
3. Target is extension of flagpole at 1.1060
Risk reward is conservative 1.8.
I know which i prefer, and awaiting price movement next week to guide the entry......