Coupled with RSI and MACD, I have drawn the support and resistance line for confirmation. During the asian session, EUR may rise to 1.068 range or slightly higher. From there take a sell trade and set your stop loss at 1.07208 and TP at 1.06038.
What I have included on this chart: A fibonacci Retracement
A resistance line at 0.76812
A rising trendline underneath the lows of each swing low
The resistance line and trendline creates a wedge pattern since ...
I predict a good chance of a reversal here. The correction has retraced 61.8% of the last impulse, which also converges with the upper daily trend. An hourly close above the green trendline invalidates this idea.
I posted yesterday a detailed analysis for a reason to enter long USDJPY
Now the pair has given a perfect opportunity to illustrate the meaning of "have a plan."
"Buy low, sell high."
USDJPY has turned to the upside momentarily and can potentially complete a bearish bat pattern around the 104 even handle ...
The analysis of @piphunters showed us that USDJPY broke the trend. But in my opinion, if the market surpasses the trendline is not a sufficient argument to convince me that the market isn't going down again. For that reason I searched for further signals to explain the theory of the market breaking out the trend. ...