EUR/USD: detailed chart breakdown. What is the next step?
After consolidating for quite a while, the price had finally managed to continue its bearish impulsive movements and drop to the downside. As per usual, after a strong impulsive move, a correctional move is needed.
Thus, looking at the 4H timeframe chart, we can clearly observe that the price is consolidating and forming a possible bottom from where it might keep potentially rising to the upside.
A double bottom formation has already been formed, which indicates that the price is reversing. More to it, looking at the current 4H candle, we can notice that this Double Bottom pattern can become a Triple Bottom or even more. Well, as long as a nice bottom is formed, we are good to go.
As for the target zone, we are eyeing the area of the lower boundary of the sideways moving rectangular box that lines up with 0.618 Fibonacci retracement level.
Happy trading, family!
Thus, looking at the 4H timeframe chart, we can clearly observe that the price is consolidating and forming a possible bottom from where it might keep potentially rising to the upside.
A double bottom formation has already been formed, which indicates that the price is reversing. More to it, looking at the current 4H candle, we can notice that this Double Bottom pattern can become a Triple Bottom or even more. Well, as long as a nice bottom is formed, we are good to go.
As for the target zone, we are eyeing the area of the lower boundary of the sideways moving rectangular box that lines up with 0.618 Fibonacci retracement level.
Happy trading, family!