EURUSD has been in a downward trend. It managed to break the trendline but not enough momentum to stay above it and has came back to making LL and LH. Price is also at a resistance level and at the 200 and 50 day EMA where it looks to be reacting too. Looking to sell down too around the 1.23 level
Looking to take a buy as price reaches this upward trendline, we have both the trendline and a support area here so confident that price will react and go long. Trend is bullish on both weekly and daily timeframes so will wait for price to come down to around 1.24595 and take a Long position.
Here on GBPJPY we can see that there is a possible head and shoulders pattern forming which could mean that we are about to reverse to the downside after seeing a bullish rally. Price is also at a resistance which could help it continue to the downside.
Taking a short here as we are in a downtrend with LH and LL, we are at a previous level where we have seen price bounce and we have just seen a rejection from it so looking to see price continue to fall.
Looking to take a LONG position on GBPAUD if price comes back down to this previous resistance level, price was rejected from this area a few times before finally breaking through so hope that we could see some rejection from this zone again and take a BUY position
I believe we could see this pair to the downside as on the DAILY we are at a lower high point which could hold up as resistance, we are also in a downtrend in the higher time frames. Lower timeframes we are seeing a lot of rejection in this area and seeing signs from candlesticks that we may be going to the downside.
If you’ve read this far thank you! And any...
Seen a big break of the previous resistance. RSI is showing overbought. In an uptrend. I’m expecting price to come back to test the previous resistance level turned support and take off upto the weekly resistance