Weekly channel. price is currently rejecting at a strong resistance zone. trend line on momentum indicator ( for shorting opportunities momentum indicator may break trend line and retest confirming our short idea).
daily shows a base trend line & an accelerated trend line. price was rejected at the resistance zone and broke & closed below the accelerated trend line. For shorting opportunities I would wait for a pull back up to retest the accelerated trend line. That would complete a possible head and shoulders. This pullback would also align with the 61.8 fib retrace.
For shorts I would enter on the retest of the accelerated trend line and ride it for roughly 300 pips to the base trend line. Targeting the 1.618 fib extension area (labeled as -0.618 since I combined my retracement and extension tool into one).
There is also some slight divergence on the 4HR. the last touch to the accelerated trend line (circled in red) to the most recent low after the break of the accelerated trend line. This formed an equal low on momentum but on the chart it was a higher low...indicating a shift towards the downside in momemtum.
The only way I would look for buying opportunities is a break above the strong resistance zone
daily shows a base trend line & an accelerated trend line. price was rejected at the resistance zone and broke & closed below the accelerated trend line. For shorting opportunities I would wait for a pull back up to retest the accelerated trend line. That would complete a possible head and shoulders. This pullback would also align with the 61.8 fib retrace.
For shorts I would enter on the retest of the accelerated trend line and ride it for roughly 300 pips to the base trend line. Targeting the 1.618 fib extension area (labeled as -0.618 since I combined my retracement and extension tool into one).
There is also some slight divergence on the 4HR. the last touch to the accelerated trend line (circled in red) to the most recent low after the break of the accelerated trend line. This formed an equal low on momentum but on the chart it was a higher low...indicating a shift towards the downside in momemtum.
The only way I would look for buying opportunities is a break above the strong resistance zone
Related Ideas
EU weekly
DamianJordan
about EURUSD