as we are upon an uptrend it be best to trade with the trend and after hitting the 0.236 retracement we found support giving us a good clue that price is going to continue to rally
there is a wedge pattern on the 15 min eur usd
with the price weakening with a double top we should look to short and if we could get below the 0.618 i think a breakdown into lower structure could be quite possible
A head and shoulders formation was made on the Euro-Canadian dollar pair with an under 0 MACD crossover with decent volume. The stop was set a bit above the previous structure.
Next week seems like brent could be taking a downturn at least to the previous structure before target 1, though since brent has reached the .618 retracement there is a probability that it may fall back tho the .618 structure laid by the previous rally, this would be target 1, though due to the OPEC supply cut I doubt we might see this reaching target 2 so look...
After forming a rectangle pattern, EUR/USD has seemed to have finally broken down on a fairly good amount of volume and with bulls taking control of the market it's fair to say a downtrend may be just around the corner, as well with the MACD crossover below the center line it's a good confirmation of a new downtrend
I don't expect this to take on during the day but it should complete throughout the weekend since the week chart seems to be ending with a Doji star. Target 1 was set with an opposing .618 but I'm not expecting it to bounce off that retracement by much.
.618 long reached target 1 but as it has stomped into a new .618 for a short movement, it seems we might see brent bouncing back down to a 53.4 - 53.2 to retest the lows
Brent seems to have found its resistance at .618 retracement and seems to be looking for a 50.598 support