I am one of those traders who are waiting for a strong correctional movement on dollar. during many weeks I am looking for reversal clues on EURUSD.
one of those is a lower high formation within the expanding channel that the price is currently following. it is a strong indication of a weak bullish sentiment and unwillingness of buyers to even retest current highs.
for that reason an attempt of a bearish violation of the expanding channel will be highly probable next week. pay attention to a blue zone, it is our current demand area and it must be violated first, to confirm the breakout of the channel.
then bearish rally will most likely follow.
p.s please, not that I don't predict a breakout. I give you a set of rules that will help you to trade the market if that breakout happens.
@VasilyPonomarev, I agree, it's looking bearish. A strong trigger is needed to get back above 1.19. Thanks Vasily :)
Coach-Jx
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waiting for the bearish breakout and retest on the support which will turns into resistance before execution of a sell is the safest trade set-up for this pair. thanks for this thought mate.
Nice but you have to expect another high attempt not to do so place you at a big disadvantage as you’ll mostly likely get stopped and hunted like all the other seller.. they will not sell any market it this current state. That will be to easy and their gist is to take your money not you make money . U have to understand the market moves in sl hunts. Don’t let what’s seen fool u.. the market just won’t drop within hitting resistant after months of a trend