As you can see price already broken below the ascending trendline for EURUSD. Right now price retracing at 61.8 fibonacci level.
This could be a good entry point for sell positions. As wave-2 tends to end around 61.8-78.6
We will sell EURUSD here to ride the movement of wave-iii.
Sell EURUSD 1.2085
Stop loss 1.2160 (75 pips)
Take profit 1.1825 (260 pips)
As long as price hold below 1.3980 we could expect price to continue going down.
Price holding below the descending trendline for now so will try to forecast the movement with elliott wave theory.
We're now on the process of wave-3 and this wave will consist of 5 subwaves.
This wave-3 could go down towards 1.3660-1.3600. But in order to reach that, price need...
Simple support and resistance analysis. As simple as it might seem, it is effective. Trading involves understanding the efficiency in simplicity.
We'd be looking for longing opportunities on the EURUSD pair.
Please give my idea a LIKE if you fund it useful, Thank you.
This is my short term outlook on the price of EURUSD. It has already climbed by 600 pips yesterday and I think that the momentum will continue going up for at least for the next 12 hours. The trendline was already broken and crossed one major area of resistance. Hopefully it will keep pushing up.
As you can see there is also bearish cypher pattern in play which could fuel further downside on this pair.
I think the target will be at 149.50 in order to price make another pattern for retracement.
For now we will just focus on the downside because we don't know where price will stop the drop in the future.
Sell GBPJPY 151.70
Stop loss 152.30
We saw a potential bearish cypher pattern on this pair.
This 0.7780-90 area could be potential reversal zone. Also AUDUSD has been holding 0.7810-20 area as resistance very well. Only a close above those area could trigger more buyers into this pair.
For now, as long as price below 0.7810-20 we could expect price to go down.
Sell AUDUSD 0.7785
Possible Double Top with Banks giving Signs to Banks with Bearish Inside Bar and Equal Highs been created for Liquidity Hunt.
If you don't know about the Liquidity Hunt move from the banks then stay away from this move, Keep calm and let the prices flow.