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In the weekly domain, the price has recently reached a physiological resistance level . Recording a strong rejection from buyers that weren't able to push the price to a new high.
That rejection has formed a double top pattern signaling a strong bearish momentum towards the pair. Now checking into H4, a short entry confirmation is expected as a pullback from the previous strong bearish candle and the support from price consolidation.
The order:
Type: sell-stop
S/L: 80 pips - R:R | 1:2 -
T/P: Fib level
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That rejection has formed a double top pattern signaling a strong bearish momentum towards the pair. Now checking into H4, a short entry confirmation is expected as a pullback from the previous strong bearish candle and the support from price consolidation.
The order:
Type: sell-stop
S/L: 80 pips - R:R | 1:2 -
T/P: Fib level
--
*** If you like the idea, don't be shy, click on like and comment. If you do not agree, just comment ;-) | Thanks for your support!!! ***
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