Matt_Forex1

Bearish ABCD 1hr

Short
FX:EURUSD   Euro / U.S. Dollar
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1
The ABC portion of this pattern was forming nicely. Once point C was established the move to point D has become quite sloppy, although none of the pattern rules have been violated. Price action did tag the 1.236 fib retracement but given the rising RSI channel I do not think the move is complete.

Please let me know what you think. I am new to trading and any advice would be helpful.


Thank You

Comments

I think the price will test the 1.2620 resistance once again and might form a double top reversal pattern. If it manage to go beyond that, the upper resistance would be 1.2750.
Some analyst said that the possible price range for this week is 1.2400 - 1.2750 and I agree with them :D
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Agreed.
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