The bearish setup on EURUSD is looking promising as price action reveals a potential trend reversal. A harmonic pattern, specifically the completion of the leg CD of a bearish bat pattern, indicates a high probability of a downward move. Moreover, a bearish engulfing candlestick pattern formed recently, reflecting increased selling pressure.
Adding to the bearish case, the imminent crossover of moving averages suggests further downside potential. With these technical factors aligning, it's an opportune time to consider shorting EURUSD.
For potential profit targets, we can set our sights on 1.08500 as the initial take profit level. Further downside targets include 1.07800 and 1.06900. It's important to monitor price action closely and adjust take profit levels accordingly.
Stay tuned for updates as we track this bearish setup. Happy trading! 📉💰
don't forget to press the like button if you think this insight was helpful 🚀
Comment
⋅
To strenghten this hypothesis there is a quasimodo pattern as well. it is an other perspective which give more validity to this setup.
Trade active
⋅
Comment
⋅
TP1 reached, take some profit
Comment
⋅
good! waterfall !
100 pips in the pocket so far.
Comment
⋅
it just broke the neckline, i reshort personally
you can enter now if you dont catched the first entry