since aug 2019, only had 5 down months with 1400+ pips increase in price.
now reaching a well respected long term trend line for the 4th touch.
waiting for further confluence on the daily time frame to look for trend reversal
obviously we just started a down trend. is it going to hold forever? no
will it hold til aug. 2025? absolutely that's a fact.
disclaimer: *not trading advice, just trying to provide opportunity for knowledge use your own discretion*
Finally hit our fibonacci retracement of .618! Continuation to the downside has been expected once we hit this point, just waiting for confirmation of bearish environment to take entry.
Eur gained a lot of traction today but technicals never lie
happy trading everyone!
Here we see on the daily chart clear break of the dynamic trend line, with a perfect retest.
Also on the same time frame there is clear confluence with a classic Head and Shoulders Pattern with the right shoulder happening on retest of that same trendline.
If you didn't catch the top of the right shoulder's initial bearish movement, once we break this next...
There's a heavy rejection of the support found on the weekly chart, bouncing twice off the top of the demand zone.
June 17th's daily inverted hammer is further confirmation of the trend reversal as the second bounce on a smaller time frame