Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.
📈 EURUSD has been overall bearish, trading within the falling wedge pattern in red.
Currently, EURUSD is approaching the upper bound of the wedge acting as a non-horizontal resistance.
Moreover, it is retesting a strong resistance zone at 1.088 marked in green.
🏹 Thus, the highlighted red circle is a strong area to look for sell setups as it is the intersection of the green resistance and upper red trendline.
📚 As per my trading style: As #EURUSD approaches the red circle zone, I will be looking for bearish reversal setups (like a double top pattern, trendline break , and so on...)
📚 Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly! ~Rich
The resistance zone looks solid, as the price has respected it multiple times in the past. A descending trendline with at least three touches is a good sign of bearish momentum entering the market. Let's see how the price reacts to the zone as it approaches it.