ETHUSD is in a sideways range between 837.08-636.79.
I am looking for a potential head and shoulders pattern. But the right shoulder is currently in progress.
I am looking at 2 possible scenarios drawn in the chart.
The first is the black one, in case the head and shoulders pattern get confirmed I would be looking for more downside. The second one is the orange one. As long as it stays above 636.79 there is a chance that the market just keeps extending higher. Let's see.
Disclaimer: Trading is about going with the highest probability, nobody is 100% right and we need to protect ourself in case we are wrong. That is why we need to always use a stop-loss when trading. Trade with care. This my current view, and any view present is not a trading recommendation just personal view.
Hope this helps.
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Good morning everyone, so far so good. Now its a decision area.
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Still at its decision area....
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I told you guys that the move lower can be seen. !!!!
Looks almost exactly like my own analysis. I'm inclined to believe that 61.8 fib will hold and - exactly like you say - bounce on 640 resistance line. Really interesting moments next hour or so!
TradeFxTrends
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@isarnil, Thank you for your comment. I agree with you. The next few hours will be a decision time. Cheers
roughsoul
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can we get an update fam
TradeFxTrends
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@roughsoul, Sure here: Nothing has pretty much changed. We need soon a breakout otherwise i still see a possibility that it turns higher.