EURUSD!
This pair is finally getting back to its technical roots! Let's get into it.
First.. when this pair topped and started retracement back toward its first support, we completed a nice Head-and-Shoulder pattern. You can see it started from the first real break of the order block right to where it went back down hard in it. Now you thinking, this means that this pair is due for a bearish run of some sorts. You would be right if it wasn't for..
Secondly... the symmetrical wedge that happened on the right shoulder. You see initially the wedge confirmed the bearish bias as the price broke down convincingly. As per technicals, the price played a few days in that order block and even closed under it for 2 straight days.
Third.. our beloved indicators were telling us that something just wasn't right with this bear run. MACD already bottomed and somehow crossed and RSI started to pick up too. We had a surge in price afterwards that confirmed a reversal. You see that the price went to re-test the previous wedge that broke down. It touched it perfectly and went back to our resistance turned support.
Now to finish this off, the price is now back to its uptrend. The few last candles are closing perfectly over that uptrend trend line (from the symmetrical wedge).
Everything is pointed up from now but wow this got technical real quick!
Here's what I'm thinking :
EURUSD LONG:
ENTRY : 1.1856
SL : 1.17936
TP : 1.20985
Trade safe!
Disclaimer: This is my trading analysis, it is not an invite or recommendation to trade.
This pair is finally getting back to its technical roots! Let's get into it.
First.. when this pair topped and started retracement back toward its first support, we completed a nice Head-and-Shoulder pattern. You can see it started from the first real break of the order block right to where it went back down hard in it. Now you thinking, this means that this pair is due for a bearish run of some sorts. You would be right if it wasn't for..
Secondly... the symmetrical wedge that happened on the right shoulder. You see initially the wedge confirmed the bearish bias as the price broke down convincingly. As per technicals, the price played a few days in that order block and even closed under it for 2 straight days.
Third.. our beloved indicators were telling us that something just wasn't right with this bear run. MACD already bottomed and somehow crossed and RSI started to pick up too. We had a surge in price afterwards that confirmed a reversal. You see that the price went to re-test the previous wedge that broke down. It touched it perfectly and went back to our resistance turned support.
Now to finish this off, the price is now back to its uptrend. The few last candles are closing perfectly over that uptrend trend line (from the symmetrical wedge).
Everything is pointed up from now but wow this got technical real quick!
Here's what I'm thinking :
EURUSD LONG:
ENTRY : 1.1856
SL : 1.17936
TP : 1.20985
Trade safe!
Disclaimer: This is my trading analysis, it is not an invite or recommendation to trade.
Trade closed: stop reached:
Price fallen down to SL. NFP is playing us like a ... ;)
On to the next one!
On to the next one!