This trading week was crazy. EURUSD was consolidating within a very narrow trading range and we saw a lot of false bullish / bearish breakouts. Market maker was playing with our expectations constantly changing our biases.
For now the price is still trading below a major daily supply cluster. And even though the price set a new higher high higher close on a daily, for now the violation is considered to be false one.
I still believe that the pair is heavily overbought and it needs a retracement To catch it wisely, keep monitoring a rising wedge pattern. On Friday we already saw its breakout attempt, however, for now the price managed to return within its boundaries.
Your plan is simple - wait for a daily candle close below a support of the wedge . It will be a strong bearish signal and then a bearish move will most likely follow.
Your goals will be 1.205 / 1.20
Remember that if the price violates the underlined supply cluster to the upside, the setup will be invalid and bullish continuation will be expected.
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