done a quick breakdown of eurusd and can see on the 4 hour chart we're in a downtrend. if we bounce of the trend line again i will be going short but if it breaks out i will be looking for the 1.0713 level. Also the rsi is pretty neutral 33 but its very low so we may possible see some bullish action
as you can see from the 4 hour chart we have a bullish pennant that has formed and broke out nicely, this is a clear indicator that the it is more than likely going to go up, the size of the next move is going to be approximately the height of the formation, Usually, the height of the earlier move (also known as the mast) is used to estimate the size of the ...
if we see the hourly candle close above the 61.8 fib level and make a confirmation that it has broke that level then im expecting to see price steadily go up to 23.6/122.200 area have an order set at 120.900, good risk/reward on this one if it plays out to my plan. also been in an uptrend since yesterday (hourly chart)
potential short setup could occur. if we see bearish candle close below the trend line then we could be on for a short but to make sure we dont get caught out by a fake out then wait for candle to break past the 1.06400 support level and we sell at 1.06300. good risk reward trade on this one if the plan goes together. looking to hit the 618 fib level.
may see the 618 retracement level used as a support and do a reversal and go up to 236 retracement level. as the 4hr candle has already pierced the 618 level. but b all means it could peierce straight through the 764 level. so i will be keeping an eye on it for a long position. there is also a bearish engulfing just after the bullish candle