Good morning!
Today, we are on the EUR/USD pair.
We are looking at the 4-Hour time frame.
It seems we have a double top at play here. However, I’m not convinced about the neck zone ( Liquidity zone )
We have full (pure) divergence across the MACD.
We also have a large bullish volume break-out bar. This could mean that it’s a bull trap and that price will move down further which would be added confluence.
However, I want to see further impulse lows closing below the neck zone in its entirety before a retrace up to the top of the neck zone. If this happens then I would short this pair at that point and my targets would be the previous price structure which I’ve shown on the chart.
It is a Friday so this could take some time to play out.
Either way, it’s one to watch as we can always learn from these patterns.
Hope you all have a great weekend and I will be seeing you all on the next one!
Today, we are on the EUR/USD pair.
We are looking at the 4-Hour time frame.
It seems we have a double top at play here. However, I’m not convinced about the neck zone ( Liquidity zone )
We have full (pure) divergence across the MACD.
We also have a large bullish volume break-out bar. This could mean that it’s a bull trap and that price will move down further which would be added confluence.
However, I want to see further impulse lows closing below the neck zone in its entirety before a retrace up to the top of the neck zone. If this happens then I would short this pair at that point and my targets would be the previous price structure which I’ve shown on the chart.
It is a Friday so this could take some time to play out.
Either way, it’s one to watch as we can always learn from these patterns.
Hope you all have a great weekend and I will be seeing you all on the next one!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.