I currently see EURUSD making its way back to the top of this range to make a third descending peak. As long as it doesnt break up past the previous peak this idea will continue short. So I see a short term opportunity back up but will be looking to short as the third peak is hit.
We also have a Bullish Bat that is possibly in the forecast to D. Once we are at point D I will be looking for buy opportunities again. This idea will play off how the DXY reacts. We arent really showing much on the DXY so I can see up and down movements at this time causing EU to do the same allowing this idea to form. We will see how it plays out. Not only do we see the descending formation but we have leaning shoulders on the left and the right with A being the head. I have marked the chart with the Lower lows and lower highs since we have turned bearish on the higher time frame. Good luck and look for reversals at the top! I hope you enjoy this idea
Short entry idea
SL: 35 pips above entry
Entry: 1.1425 zone but wait for rejection
TP1: 1.1200
EU currently heading up to touch for the third time
We also have a Bullish Bat that is possibly in the forecast to D. Once we are at point D I will be looking for buy opportunities again. This idea will play off how the DXY reacts. We arent really showing much on the DXY so I can see up and down movements at this time causing EU to do the same allowing this idea to form. We will see how it plays out. Not only do we see the descending formation but we have leaning shoulders on the left and the right with A being the head. I have marked the chart with the Lower lows and lower highs since we have turned bearish on the higher time frame. Good luck and look for reversals at the top! I hope you enjoy this idea
Short entry idea
SL: 35 pips above entry
Entry: 1.1425 zone but wait for rejection
TP1: 1.1200
EU currently heading up to touch for the third time