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The Broadening Top pattern forms when the price progressively makes higher highs (1, 3) and lower lows (2, 4) following two widening trend lines. The price is expected to move up or down past the pattern depending on which line is broken first. A bit of a toss up since the broadening top formation appears much more frequently at tops than at bottoms, and therefore ...
My old fasion broadening top pattern (1.272) is still valid. Now it is richier with those divergences. Maybe it will happen again like year ago. Lets see.
This is how I see it. One top of broadening top pattern already made, second in progress. + fundamental stuff that puts DXY lower.
Currency wars. Everyone is printing money: Japan, Europe, USA.
Every superpower is trying to weaken their own currency. Why? Because of export.
Your product is cheaper if your home currency is weaker.
In these situation no wonder if the EurUsd is topped in a broadening top fashion.
As the two trendlines diverge from the apex, the pattern resembles a reverse ...
FTSE 100 Index on the weekly chart has formed a bearish engulfing candlestick pattern at the top end of broadening triangle. The mentioned pattern requires confirmation in form of a lower weekly close. The immediate downside support is at 7120 level. A breach of this level will lead to a failed breakout in the index and it may head lower towards 6700 - 6600 level. ...
Breakout has not occured yet but for upward breakout, target price is 17.31 and downward breakout's target price is 12.44. Currently, it looks to be best setup for an upward breakout. Swing traders can short now if they want the intraformation trade and buy when it shows the reversal.