Price broke a corrective ascending channel after rejecting the 1.19-1.24 resistance zone, so it will probably head down. Try to catch the retest of that channel on a lower time frame for a short position.
A possible first target would be at around 1.10 and a second one at around 1.09.
Do always use stop-losses and remember this is not financial advice.
This is really not a set up I would trade myself because I like to look for a clear trending market with clear swing levels. EURUSD still looks choppy but has some confluences which have gained my attention.
First of all, we hit and reversed at a major flip/resistance zone. From here, it seems we have created a head and shoulders pattern, which again, shows a...
Head and shoulders formation on Daily chart;
Tendency line has been broken;
Resistance line above;
Waiting for the retest on 4H chart at approximately 1.10650 for a short trade;
R/R: 30 pips SL - 60 pips TP
1.12 must be ticked very soon than I will update my idea but It seems to recover some pips to May fall again till 1.10 .
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On this chart, we can observe that the price has broken through the first support,
and then the second, and now goes to the bottom.
however do not forget that after a long fall growth is possible.
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This idea does not provide the financial advice.
EUR/USD had a strong impulse to the downside recently, broke down the uptrend channel bottom and might also retest 1.1. This is likely to happen due to the ECB's monetary policy statements.
We want to see now the pair retrace and retest the counter trendline of the channel.
We will long EUR/USD now from the support zone and put our price target at 1.110. 50 pips...
The price rebounded on the 1.10370 Support. Since the pattern is a Channel Down (clear Lower Highs and Lower Lows) today's low is most likely the Lower Low of the structure.
Levels to watch:
- The 4H MA50 has been a Resistance since January 17.
- The RSI hit 29.85 which has been a Support since November 11.
- The 4h MA200 has been a pivot in recent months...
price is bearish but we need to move up to move down natural ebb and flow. to keep in line with the structure we must follow a lower high lower low pattern. here is a possible idea for that structure to play out with positive risk to rewards. Entry isn't given just areas of importance
Hi, today we are going to talk about EURUSD and its current landscape.
We can observe at this timeframe, a confluence of technical factors, that entail a setup which might drive this asset to a new movement. The details of our analysis are highlighted in the chart above.
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Here we have another chart that appears to be forming a head and shoulder formation with a strong support level that absorbed the dip around 1.103
We could potentially see a another rally up from here, considering all these fibonacci ratios aligning together to create the cluster. Notice how the daily low missed the 78.6% retracements by a single tick. Crazy...
Price has formed a head on shoulders formation, now breaking the daily ascending trendline. Watching for a pullback to sell zone at 1.10730 daily zone for a retest of broken support as new resistance for price to then look to make its way lower & resume the downtrend.