Weekly
Looking at EUR/USD from an overall perspective, we can see it has been gradually declining. The pair found support at 1.0500 and has since been moving higher - perhaps to complete a lower high. Last week's candle closed as a spinning top indicating indecision and a possible reversal. This week's candle is currently looking like a bearish engulfing but of course it's too early to tell. MAs are downward facing.
Daily +
The daily time frame is showing 2 hanging mans, a shooting star and a spinning top - all good indicators of price stalling and potentially changing direction. Today's candle is a bearish break and close below our channel. It has also breached the 8 MA. Price has also tested the daily resistance barrier of 1.07630 and failed to adequately close above.
H4
As well as our channel break out, we've been forming lower highs and lower lows. After a strong bearish marubozu, price has come back up to test our 'hanging man box" and rejected this area as well as the 8 MA with a shooting star formation. The daily support has been holding up strong recently at 1.06570 but I believe downside momentum will break this.
Looking at EUR/USD from an overall perspective, we can see it has been gradually declining. The pair found support at 1.0500 and has since been moving higher - perhaps to complete a lower high. Last week's candle closed as a spinning top indicating indecision and a possible reversal. This week's candle is currently looking like a bearish engulfing but of course it's too early to tell. MAs are downward facing.
Daily +
The daily time frame is showing 2 hanging mans, a shooting star and a spinning top - all good indicators of price stalling and potentially changing direction. Today's candle is a bearish break and close below our channel. It has also breached the 8 MA. Price has also tested the daily resistance barrier of 1.07630 and failed to adequately close above.
H4
As well as our channel break out, we've been forming lower highs and lower lows. After a strong bearish marubozu, price has come back up to test our 'hanging man box" and rejected this area as well as the 8 MA with a shooting star formation. The daily support has been holding up strong recently at 1.06570 but I believe downside momentum will break this.
Comment:
SL moved past BE - risk free trade.
Comment:
SL moved to half way point - 45 pips profit secured.
Trade closed: target reached:
90 pips profit.