EURUSD has formed inverse head and shoulders as it clear on the chart.
also price is hovering over around 200MA for a while.
it could bounce back down one more time to gain more strength to pump
or can break the 200MA and resistance neckline upward with no correction
either the first or second scenario for now it seems more bullish.
the suggestion stop loss if you want to take long position would be below 0.975 level.
we also have strong support level around 0.955 could another entry chance in the case
of bearish scenario.
Enjoy the market #WOMAN. LIFE. FREEDOM
Trade active
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a fake break out candle hit the stop loss area but pulled back in next candle. now the price broke the neck line(dynamic resistant) and 200MA both confirming our trade setup. so if that area hold the price up the upward pressure will continue.
Price is moving within the descending trend line in a descending manner, with the price moving below ichimoku cloud- we are still overall bearish biased. however, short term we are looking at a bullish momentum to bring price to 0.9996 levels. check out our analysis
bestfarbit74
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@desmondlzw, possible my friend, if you see this chart on daily price closed above conversion line and base line both also you can see exactly my stop loss is setting below the conversion line, however the condition for long is the same I mentioned because we have chance price can break above 200MA that means bullish. can happen now or after another correction. and thanks for sharing your chart here.
TradingShot
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Thank you for your idea. We have a similar perspective:
bestfarbit74
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@TradingShot, glad to see your chart here, thanks for sharing