FX:EURUSD   Euro / U.S. Dollar
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🟢Forex Pair:

Technical Analysis:
Since the end of January 2021, the price has been forming an interesting head & shoulders pattern, confirming the right shoulder with its higher high during the 17th of February.
Considering the strong bearish trend correction started at beginning of January after a rejection on the level at about 1.23500, I would say that is possible the validity of this pattern as a trend correction reversal.
The price is currently below the resistance zone at about 1.21500 and it's just got a bullish rejection on the EMA 200.

In the daily time frame the market is still bullish so I will be looking for a long position.
I'm confident to see the price breaking through the resistance zone at 1.21500 and probably pulling back on the same level.

Eventually the price will break up the resistance zone , closing with a strong up bar around the level 1.21800, I would consider the long position on my chart.
-The entry point would be the level at about 1.21900, just above the resistance zone , if the price will create a new high or will close around that level;
-The take profit would be the level at about 1.23450, an interesting resistance area that previously rejected the market;
-The stop loss would be around the level 1.21150, just below the support zone and the neckline.

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What is your SL recommendation and why?
+4 Reply
FXtrades-gp VasilyPonomarev
@VasilyPonomarev, Hi and thanks for your question, the SL is placed in a temporary position, this is not a signal, I expect the price pulling back on the resistance zone forming a new higher low, so the SL would be eventually below the new low.

+1 Reply
I see massive reverted head and shoulders! great job!
+2 Reply
FXtrades-gp TopTradingSignals
@TopTradingSignals thanks so much !!
+1 Reply
Totally agreed with you my mN
+1 Reply
FXtrades-gp Investroyllc
@Investroyllc I’m glad to hear you guys! 😁
Nice chart
+1 Reply
FXtrades-gp Mahtab_Tradia
@Mahtab_Tradia I’m glad to hear that 🙏
I saw and entered the same trade, and for that I will follow you :)
+1 Reply
FXtrades-gp simplyasx
@simplyasx oh I’m glad to know that! Thank you!
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