This analysis is purely technical, no fundamentals have been taken into consideration.
EURUSD has been ranging - broke above (making a head and shoulders pattern) the channel - and went back into the range.
Now the upper pole of the channel has been reached again. We see confluence with the supply trendline, upper S&R of the channel (neckline HS pattern) and a supply zone on a shorter timeframe. Expecting a drop towards the bottom of the channel or even further towards a lower demand zone to take profit. Stop loss placed above the supply zone.
EURUSD has been ranging - broke above (making a head and shoulders pattern) the channel - and went back into the range.
Now the upper pole of the channel has been reached again. We see confluence with the supply trendline, upper S&R of the channel (neckline HS pattern) and a supply zone on a shorter timeframe. Expecting a drop towards the bottom of the channel or even further towards a lower demand zone to take profit. Stop loss placed above the supply zone.
Trade closed manually:
Manually took profit at RR 1:1
Price rallied due to news. Supply consumed most market buy orders forcing price back down and stop loss is still protected by the sellers in the zone. Price is still rallying but lost momentum. Decided to keep the trade open and wait for institutions to finish their move