Bullish Scallop forming on the 4H EURUSD Chart
There is an obvious bullish scallop forming on the EURUSD Chart.
Price is likely to continue on an uptrend until it hits the key resistance level shown by the yellow rectangle.
I would go long on this trade and keep an eye out for when price is nearing the resistance level.
There is a possibility of a small retracement and consolidation that may happen when price reaches the resistance level - which may in turn result in a Bullish Cup & Handle forming instead.
Thank you for reading and happy trading!
Disclaimer:
I am not a professional trader, financial/investment advisor, broker and/or dealer. The idea above is strictly based on my opinion and should only be used for entertainment/educational purposes only. Do conduct your own due diligence and do not act solely based on any information conveyed in this Trade Idea.
Price is likely to continue on an uptrend until it hits the key resistance level shown by the yellow rectangle.
I would go long on this trade and keep an eye out for when price is nearing the resistance level.
There is a possibility of a small retracement and consolidation that may happen when price reaches the resistance level - which may in turn result in a Bullish Cup & Handle forming instead.
Thank you for reading and happy trading!
Disclaimer:
I am not a professional trader, financial/investment advisor, broker and/or dealer. The idea above is strictly based on my opinion and should only be used for entertainment/educational purposes only. Do conduct your own due diligence and do not act solely based on any information conveyed in this Trade Idea.