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-On a 4-hour chart, we can see that the price reached a strong resistance area, and the price formed a double top pattern which is a bearish reversal pattern.
-We can see that the price was moving in a bullish direction with strong bullish momentum and when the price reached the resistance area we can see that the bulls have lost that pushing up momentum.
-The price tested and rejected the resistance area with some Doji candles so we have indifference in the market.
-The Stochastic indicator is showing us an overbought zone so we can expect that bears are going to gain some power.
-Before taking action in Forex, please check the economic calendar and currency strength meter.
-WHAT DO YOU THINK ABOUT THIS SETUP?
Please let me know in the comment section!
THANKS FOR READING!
-If you have some different opinions please let me know and if you like this please hit that like button and give me support, I will appreciate every support.
-Remember this analysis is not 100% accurate. No single analysis is. To make a decision follow your own thoughts. The information given is not Financial advice.
-On a 4-hour chart, we can see that the price reached a strong resistance area, and the price formed a double top pattern which is a bearish reversal pattern.
-We can see that the price was moving in a bullish direction with strong bullish momentum and when the price reached the resistance area we can see that the bulls have lost that pushing up momentum.
-The price tested and rejected the resistance area with some Doji candles so we have indifference in the market.
-The Stochastic indicator is showing us an overbought zone so we can expect that bears are going to gain some power.
-Before taking action in Forex, please check the economic calendar and currency strength meter.
-WHAT DO YOU THINK ABOUT THIS SETUP?
Please let me know in the comment section!
THANKS FOR READING!
-If you have some different opinions please let me know and if you like this please hit that like button and give me support, I will appreciate every support.
-Remember this analysis is not 100% accurate. No single analysis is. To make a decision follow your own thoughts. The information given is not Financial advice.