Morning Godal Member's, Traders and Aspiring Traders . Todays shared post is 2 of 3.
Pair : EUR/USD
Time-Frame - Weekly
Biased - Bearish
After identifying the bearish engulfing on the monthly and knowing a bearish engulfing more than likely means there's a new lower low breaking recent support. I've placed the Fibonacci from the beginning of the impulse that went on to form a new low after breaking the support just mentioned.
Now the support now becomes a resistance , as you can notice it also compliments the 50 and 61% retracement which will be a good location to look for potential sells.
A symmetrical triangle has also been identified, this is due to price action creating new Lower Highs and Higher Lows, this pattern can several potential outcomes based on break out and retest but due to the monthly bearish engulfing ill be basing my next move towards this pair on that.
Pair : EUR/USD
Time-Frame - Weekly
Biased - Bearish
After identifying the bearish engulfing on the monthly and knowing a bearish engulfing more than likely means there's a new lower low breaking recent support. I've placed the Fibonacci from the beginning of the impulse that went on to form a new low after breaking the support just mentioned.
Now the support now becomes a resistance , as you can notice it also compliments the 50 and 61% retracement which will be a good location to look for potential sells.
A symmetrical triangle has also been identified, this is due to price action creating new Lower Highs and Higher Lows, this pattern can several potential outcomes based on break out and retest but due to the monthly bearish engulfing ill be basing my next move towards this pair on that.
