I've spotted this bullish bat pattern on the 30M which tells me that the euro is preparing to rebounce after this correction down and I think the blue line up there will be broken. Looking to the potential of this pattern I can say that there is space here for the price to move but I should not enter a trade now if you look to go long or short.
On the Daily timeframe I see a clear confirmation for the euro to just continue going up. Although there was a bearish shark on the 4H that I spotted already last friday. Sharks may be nice patterns they do not come out as often as other patterns. This shark I saw had also a very weak risk / reward and is just reflecting the actual correction of today before the next rise. This is just a very normal series of reactions in the market after a nice push up while on the other side the euro is going down since months many traders are thinking this is going on forever but this is wrong.
Today and maybe also tomorrow we will see some strange movements or also probably even overall undecision. But after the bear effect is over this pair will just reverse and at least hit the blue line which is the 1st resistance level we can look at. If the price stays below this line we can consider this as bearish but if the price is holding above it is confirmation of the bullish movement.
On the Daily timeframe I see a clear confirmation for the euro to just continue going up. Although there was a bearish shark on the 4H that I spotted already last friday. Sharks may be nice patterns they do not come out as often as other patterns. This shark I saw had also a very weak risk / reward and is just reflecting the actual correction of today before the next rise. This is just a very normal series of reactions in the market after a nice push up while on the other side the euro is going down since months many traders are thinking this is going on forever but this is wrong.
Today and maybe also tomorrow we will see some strange movements or also probably even overall undecision. But after the bear effect is over this pair will just reverse and at least hit the blue line which is the 1st resistance level we can look at. If the price stays below this line we can consider this as bearish but if the price is holding above it is confirmation of the bullish movement.
Comment:
Comment:
Put SL at a secure level. Use trailing stop and/or break even.
This is not trade advice, only for educational purpose.
This is not trade advice, only for educational purpose.
