EU is currently meandering within a bearish channel, of which also seems to be in the exhaustion phase of the
overall trend which is bullish on higher timeframes.The bearish channel completes the fourth wave of the
five wave motive move to the upside. Although price 1.2000 appears to be the support to the possibly forming
flat bottom triangle, 1.22000 serves as quite the strong psychology level. I will be looking for confirmation
opportunities to safely enter the buy trade. I hope you really enjoy this post, I will attach to this the higher
timeframe analysis as well as future entry points.
Targets:
1.35000
1.42000
1.50000
Invalidation level for entire setup:
1.11700
overall trend which is bullish on higher timeframes.The bearish channel completes the fourth wave of the
five wave motive move to the upside. Although price 1.2000 appears to be the support to the possibly forming
flat bottom triangle, 1.22000 serves as quite the strong psychology level. I will be looking for confirmation
opportunities to safely enter the buy trade. I hope you really enjoy this post, I will attach to this the higher
timeframe analysis as well as future entry points.
Targets:
1.35000
1.42000
1.50000
Invalidation level for entire setup:
1.11700
Comment:
Comment:
Price reversed after creating a fakeout to catch out early buyers, and swung to level 1.22000. Bounced off the mentioned major support and has now properly broken out of the descending channel. Awaiting retest as confirmation for a buy entry to commence.
Price reversed after creating a fakeout to catch out early buyers, and swung to level 1.22000. Bounced off the mentioned major support and has now properly broken out of the descending channel. Awaiting retest as confirmation for a buy entry to commence.
Comment:
Trade respected retest level and shot up
Trade respected retest level and shot up
Trade closed: target reached:
Target 1 reached
Target 1 reached
Trade closed: target reached:
Target 2 Reached