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MikulovicFOREX
Oct 10, 2020 10:19 AM

EURUSD: 1D Short

Euro Fx/U.S. DollarFXCM

Description

Here we have a 0.618 triangle in price & time preceding a Three Drives pattern at the top.

Prices printing lower highs with the RSI forming higher highs, indicating hidden bearish divergences.

The stops for this pattern is 2 pips above the 0.786 retracement.
At the 0.786 there is a another chance to sell short, this time with protective stops 2 pips above the triangle highs.

Furthermore we see divergence appearing on the chart with resistance coming in at a 1.618 extension. Supply can be observed coming in just below the resistance:

Comment

Trade closed: target reached

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