EurUsd's 4H chart shows a bearish retracement which does not look like a counter-trend since it has has multiple bullish candles. The resistance trendline has three narrow touches in a short trendline which is quite steep which can indicate a possible strong breakout. Furthermore, the white line represents high to low in the daily timeframe acting as support. Additionally, the .38 retracement acting as support is in a similar reachable level by the price action. Moreover, The previous broken resistance trendline is long, has wide touches, and is not steep, which can oblige the price action to retest that level and shoot up. Despite of all this, the price can still choose to break the daily upward trendline.
I am personally waiting for a candlestick formation or catalyst to confirm where the price will go and which trendline(s) it will break. Without confirmation no set-up is good enough!
Follow for consistent price action analysis.
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Bests
I am personally waiting for a candlestick formation or catalyst to confirm where the price will go and which trendline(s) it will break. Without confirmation no set-up is good enough!
Follow for consistent price action analysis.
Ask questions & Give comments freely!!
Bests
Comment:
I will inform if and why I enter the trade short or long. Follow to make sure you stay updated!
Comment:
Entered a short position on EurUsd, since the white trendline connecting the low to high displaced on the recent low was broken. Take profit on .68 retracement. I don't like to suggest a stop loss since it depends on your account.