Price is currently at support level and is also in a downtrend on a bigger time frame.
If it breaks this support level , I will be looking for it to also break the ascending channel trend line . If it does I'll wait for it to come back up and do a re-test. If re-test happens I'll take a short position on EU and hold all the way down to next support level ....
As you can see, price has been bouncing around this support/resistance zone. Which means prices in that zone are really attractive to banks/institutions etc. and traders like you and me. There's also a nice supply zone that validates my short position even more. Trade safe, and use proper risk management.
Possible buying opportunity on EUR/USD. After price hit the major demand zone, we started to see rejection. This gave us a confirmation that price might reverse. After price reversed, it made a stop at a minor supply zone. Now price is reversing from the minor supply zone and might come back to the major demand zone and fill more pending orders. If it does and we...
Short opportunity. But only if that 4hr candle closes in like a pin bar. If it doesn't, wait for a different confirmation. Maybe an engulfing, harami, or any other candlestick pattern. This trade has a 1:3 RR ratio so it'll be worth it if you take it.
UJ might finally break this major resistance level after bouncing between these two zones(in blue). That's scenario one. Scenario two is UJ swings down one more time. Either way, the opportunity is there. Just remember to use proper risk management, and never risk more than 3%.
After a hit to that weekly/daily resistance level, price backed down and stayed inside the flag pattern. I'm looking for a sell opportunity once price breaks the bottom of the flag pattern, and it makes a small retracement.
