This is a pair that I discussed on #planyourtradetv on Youtube that you can view on Sunday's at 4pm here is a link from that live stream so you can get the full analysis here at youtu.be/qpy_YMwQU6Q if you like the analysis subscribe and drop a like.
To break it down: The EURUSD is on a downtrend in the monthly It recently broke a head and shoulders pattern to the downside and hit a daily D at 1.10850 and retraced all last week right now it is flirting with the neckline of the pattern around the 1.1200 area the only things that it has going good for it is the 200 EMA has started to look like support, however, with the large wicks made to the upside there is cause to think that this will be short lived.
With that being said I am looking to sell based off the rejection of the neckline and the 1.12000 area retest targeting 1.0975 (Correction: Retraced to the .86 Fib) with my stop at 1.1300 4 Star Trade
EURUSD
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Trading FOREX on margin carries a high level of risk, and may not be suitable for everyone. Past performance is not indicative of future results. Carter Kyle Capital will not accept liability for any loss or damage directly or indirectly from reliance of information.
To break it down: The EURUSD is on a downtrend in the monthly It recently broke a head and shoulders pattern to the downside and hit a daily D at 1.10850 and retraced all last week right now it is flirting with the neckline of the pattern around the 1.1200 area the only things that it has going good for it is the 200 EMA has started to look like support, however, with the large wicks made to the upside there is cause to think that this will be short lived.
With that being said I am looking to sell based off the rejection of the neckline and the 1.12000 area retest targeting 1.0975 (Correction: Retraced to the .86 Fib) with my stop at 1.1300 4 Star Trade
EURUSD
If you agree PUNCH the LIKE button and UPPERCUT to FOLLOW button. Here at Carter Kyle Capital we are the Fighters of Financial Freedom helping 1 trader at a time.
What are YOU fighting for? http://bit.ly/carterkylecapyoutube
Trading FOREX on margin carries a high level of risk, and may not be suitable for everyone. Past performance is not indicative of future results. Carter Kyle Capital will not accept liability for any loss or damage directly or indirectly from reliance of information.