This is an update on the EURUSD which has broken the previous bullish trend line.
Highlighted in the purple rectangle is what I believe to be a head and shoulders pattern. I expect this pattern to push down to at least the 1.186 level. This is a major level of support that has been retested multiple times. This push to the downside is what is forming the falling wedge (shown in blue).
I would expect to see some retracement before the pair pushes down further. I noticed a Buy opportunity on this retracement on the 15 min chart where the pair has touched and rejected previous support at 1.195- This has has just hit my Take Profit- Although I didn't take the trade and Im currently watching the pair, I consider this a win.
Because the pair is currently bearish. I think it would be smarter to wait out on the pullbacks and trade the sells as this is the main direction I expect the pair to move until the 1.186 level. It is still too early to tell which direction the pair will move once this level is hit. But i speculate the overall bullish trend to continue following the falling wedge.
I do not claim to be an expert in any way and am currently learning. Trade at your own risk.
Highlighted in the purple rectangle is what I believe to be a head and shoulders pattern. I expect this pattern to push down to at least the 1.186 level. This is a major level of support that has been retested multiple times. This push to the downside is what is forming the falling wedge (shown in blue).
I would expect to see some retracement before the pair pushes down further. I noticed a Buy opportunity on this retracement on the 15 min chart where the pair has touched and rejected previous support at 1.195- This has has just hit my Take Profit- Although I didn't take the trade and Im currently watching the pair, I consider this a win.
Because the pair is currently bearish. I think it would be smarter to wait out on the pullbacks and trade the sells as this is the main direction I expect the pair to move until the 1.186 level. It is still too early to tell which direction the pair will move once this level is hit. But i speculate the overall bullish trend to continue following the falling wedge.
I do not claim to be an expert in any way and am currently learning. Trade at your own risk.
Here is the buy opportunity I spotted last night.