EURUSD still in downtrend

FX:EURUSD   Euro Fx/U.S. Dollar
Last week price broke above 2 months high, but a bulltrap was completed when price fellw below 2 the months high again.
On h4 , a macd divergence was registered. suggesting that this structure might be topping out.
The ideal entry will be when a right shoulder is pumped to the 2 mth             high level.
However , price is not obliged to do so, and shortist need to consider if price will continue down from here.
SL above the head.
I agree with you on this.
nakedchartist Trading_Colony
Yes Sir. the 2 red lines are 2 months high. if we can see a 2nd test of this resistance level via a right shoulder then we will have a bearish trade with very defined Stop Loss.
U may wish to look at the Dollar Index and u may find the inverse head and shoulders pattern in the process of formation.
EUR is closely related to the Dollar Index.
Will update this again.
On reaching the 2 months high again, price did not exhibit signs of being resisted. Hence this trade was not entered.
This trade demonstrated the importance of staying and waiting for a right shoulder to ascertain if the pivot is true or not.
Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out