EJ is currently at the top of a bearish pennant (Monthly/Weekly T.f) the pattern is also visible on the RSI on the Mly T.f
The next target is 126.800 .
the target after that is 117.740 .
We're currently at a fib level. If price is ever to pick up, it'll do so at this level. But i would wait for a break to the upside, then a restest and continuation before...
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Seems like it is going to make its weekly higher low.
Here are the Confluences;
a. 4H/1H Lower low
b. Head and shoulder pattern
c. 1H Trendline
d. Structural Zone
e. Previous weekly closure doji candle
Main Take-profit target is 131.000 Major psychological level which might also hold a liquidity due to consolidation that happened in that level.
1: Stop loss hunt at previous high on weekly level plus a breakout.
2: Price heading towards high of the June(2021) which is an important supply zone with many retail stops.
3: Price has been moving very quickly which signals an over extended market for the pair.
Price is currently over extended and has been moving in a up trend for 2...
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Point of Risk-Reduction: 129.380
Stop-Loss: 30 pips
Risk: 0,5% -1%
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Price has shown consolidation and failing to push higher after breaking the trend line (White Box)
Price has formed a lower high and lower low
Price broke minor structure
Price rejected Level 130.000 Multiple Times
Wait for confirmation on level 129.500 for buy/sell
- Level 129.500 has shown good reactions in the past (Scroll back to see)
- Trend line was broken with a strong bullish push causing a S&D imbalance which is expected to be filled and retest trendline
- Overall trend is still bearish (Unless price rejects level 129.500 and...
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