This is a 4 hour EURUSD set up that MAY occur next week. I must say that you should also go down to the 2 hour as it looks a bit better:
So it is sort of a speculation lol but something we should definitely watch, and I think has a high possibility of playing out.
On the 4 and 2 hour chart, we have had multiple waves down. Lower highs and lower lows.
We hit the 1.0930 support level and from here it seems we had a fake break down or fake out.
1.0960 is still the most recent lower high swing which is keeping this downtrend intact so we need to take it out before confirming the downtrend is now over, and perhaps an uptrend with multiple waves will start.
You can see from the speculation I have laid out here, I expect we test this lower high before pulling back and then breaking above it.
This would then create our first higher low (made when we pullback and then confirmed by the breakout).
More importantly, it creates an inverse head and shoulders pattern which shows a transition from one trend to another.
The 1.1025 zone would be the first target using the 2 hour chart as it is a flip zone level.
So it is sort of a speculation lol but something we should definitely watch, and I think has a high possibility of playing out.
On the 4 and 2 hour chart, we have had multiple waves down. Lower highs and lower lows.
We hit the 1.0930 support level and from here it seems we had a fake break down or fake out.
1.0960 is still the most recent lower high swing which is keeping this downtrend intact so we need to take it out before confirming the downtrend is now over, and perhaps an uptrend with multiple waves will start.
You can see from the speculation I have laid out here, I expect we test this lower high before pulling back and then breaking above it.
This would then create our first higher low (made when we pullback and then confirmed by the breakout).
More importantly, it creates an inverse head and shoulders pattern which shows a transition from one trend to another.
The 1.1025 zone would be the first target using the 2 hour chart as it is a flip zone level.