EURUSD is within a descending wedge and approaching a significant level where we may see a bounce.
We have the following confluences:
-0.27 Fibonacci Bounce
Parallel Channel Support
Falling Wedge Support
We also have DXY and USDOLLAR showing bearish price action, indicating that we may have a bullish move from XXXUSD.
Trade idea:
Watch for price to test the wedge support
For a risk entry, you can enter on the bounce.
For this set up there is no safe entry.
Stoploss: below the wedge
First target: Parallel channel resistance
Second target: Wedge resistance
Goodluck and trade safe!
We have the following confluences:
-0.27 Fibonacci Bounce
Parallel Channel Support
Falling Wedge Support
We also have DXY and USDOLLAR showing bearish price action, indicating that we may have a bullish move from XXXUSD.
Trade idea:
Watch for price to test the wedge support
For a risk entry, you can enter on the bounce.
For this set up there is no safe entry.
Stoploss: below the wedge
First target: Parallel channel resistance
Second target: Wedge resistance
Goodluck and trade safe!
Comment:
Wedge invalidated. Looking at a parallel channel now
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