This setup reminds me the EURUSD last week (see below)
Two equal legs correcting at the 0.61 fib retracement.
Price is making an attempt to rally but most probably will fail.
We have also:
- double top with hidden bearish divergence on RSI
- Strong resistance at the 0.61 fib
- bearish cypher on H4 TF still in play
- W1 convergence (lower low) showing price is making a trend change
Best regards.
*****************DISCLAMER********************************************************************
Always do your own analysis before opening a trade.
Any respectful and constructive ideas are welcome (agree or disagree).
Follow me on Twitter for updates: @fxtrader2000
Price is making an attempt to rally but most probably will fail.
We have also:
- double top with hidden bearish divergence on RSI
- Strong resistance at the 0.61 fib
- bearish cypher on H4 TF still in play
- W1 convergence (lower low) showing price is making a trend change
Best regards.
*****************DISCLAMER********************************************************************
Always do your own analysis before opening a trade.
Any respectful and constructive ideas are welcome (agree or disagree).
Follow me on Twitter for updates: @fxtrader2000