Wtih th greater daily timeframe moveing sideways.. we're in some chop.
Here's an opportunity to go long
Target 1 should be at the .7502 mark and target 2 should be at the .755 mark.
For those trading 3 units, a 3bar trailing stop is not a bad idea for the last unit...
It's august, and the euro has been dropping since May.
A cyclical analysis would put this week as an interesting start of correction for this pair.
The stoch RSI has reversed in the oversold area, so I will be looking to be long at least until the end of the month.
The regularity of Highs (and lows) since June ...
Could apple be in for a correction over the summer?
signs to watch out for:
- reversal of stoch RSI
- RSI reversal in the overbought area
- price movement in the confluence zone (Fib retracements price projections) 635/640
The harmonic pattern helps with trade confidence.
If the setup is validated in a few ...
failing inverted Head and Shoulders
Stoch RSI bearish crossover
Bearish Daily momentum
daily cycle bottom probably not until early June
Risk/reward on target 1(1.3650) : 1/1.6.... potentially much more on second trading unit. around 1.3590.. (R/R > 1 / 3.1)