EURUSD looking bearish. All of our targets have been met. However, if price breaks and closes below 1.11260 then we can possibly see further bearish momentum to downside targets of 1.10500 then 1.1000-1.09500. (Careful of false breakout).
There are two patterns Rising Wedge (Continuation to downside) and a 5 wave pattern within the channel. We now await for the channel to be breached with strong PA confirmation before we enter.
On the other hand if price breaks above the rising channel and breaches the 5 wave pattern we can look for a long trade to 1.14500 then possibly higher.
I personally believe EURUSD would see 1.1000-1.09500 before we see further upside movement to our long term psychological target (1.2000).
We have safety levels and management levels before we enter our trades.
There are two patterns Rising Wedge (Continuation to downside) and a 5 wave pattern within the channel. We now await for the channel to be breached with strong PA confirmation before we enter.
On the other hand if price breaks above the rising channel and breaches the 5 wave pattern we can look for a long trade to 1.14500 then possibly higher.
I personally believe EURUSD would see 1.1000-1.09500 before we see further upside movement to our long term psychological target (1.2000).
We have safety levels and management levels before we enter our trades.
