Break Above and retest of Descending TL, can open up potential for long positions
Rejection of Descending TL, and break below Ascending TL and retest of Ascending TL can potentially lead to short opportunities
Current 4h Time frame and 8H time frame Rejections of 1500 shows price can drop down to 1479 previous low and/or drop to our daily level of 1475.
Look for fake upside breaks to take advantage of short positions.
EUR/USD is currently approaching a major Support level at 1.11250
Last time price was at that level was in April 2019 and three times price failed to breach that level
once in 25th of April once in 23rd of May and once in 30th of May now price is currently trading at that same level.
Will we see a retracement back to 1.11250 or a breach of...
-Pair Broke through Trend Line and came back to retest it.
-Head and Shoulders Formed
I am personally already in the trade however big opportunity lies if the 4H closes below 0.6682
Then we can see price drop potentially to an area of 0.6650
Ultimate Target for me for this pair would be 0.6550
WAIT FOR THE 4H TO CLOSE BELOW 0.6682 THEN LOOK FOR...