Bearish clues:
- Historical resistance at 1.23000 reached
- Long-term bullish parallel channel is breaking down
- Exponential moving average 100 is breaking down
- 50% Fibonacci retracement level is breaking down
- Formation of a double top
Position taking advice:
Maybe wait a clean break of the bullish parallel channel.
Objectives:
EUR/USD could come back to the support (double top neckline) at 1.16000, almost corresponding to the middle of the Andrews' Pitchfork and last lower point. EUR/USD could next go to the 1.14000 level, which coresponds to a support level, the lower boundary of the Andrews' Pitchfork and 50% Fibonacci retracement level of the increase movement between march 2020 and january 2021.
Feel free to share, comment and give your opinion if it is constructive ;)
DISCLAIMER: This is not investment advice
- Historical resistance at 1.23000 reached
- Long-term bullish parallel channel is breaking down
- Exponential moving average 100 is breaking down
- 50% Fibonacci retracement level is breaking down
- Formation of a double top
Position taking advice:
Maybe wait a clean break of the bullish parallel channel.
Objectives:
EUR/USD could come back to the support (double top neckline) at 1.16000, almost corresponding to the middle of the Andrews' Pitchfork and last lower point. EUR/USD could next go to the 1.14000 level, which coresponds to a support level, the lower boundary of the Andrews' Pitchfork and 50% Fibonacci retracement level of the increase movement between march 2020 and january 2021.
Feel free to share, comment and give your opinion if it is constructive ;)
DISCLAIMER: This is not investment advice
Trade active:
Nice pullback done on the resistance at 1.19574 (50% Fibonacci retracement level).
Trade closed manually:
I take my profit right there. EUR/USD is now at a bullish oblique support. It's more careful to take profits there!
Trade closed: target reached