after a heavy consolidation over the past weeks, we clearly see that the EURUSD has reached the support which turns into a resistance into the weekly. hence we dint break the previous high into the bigger time flames, i possibly hope EURUSD we short over the coming weeks.
we expect the price to break or retrace from the key level i drew from with the rectangle. hence the market is over stretched. we should be careful while selling the market.
We hope to short this pair because we block down the triangle pertun and we are back to retest this zone. during a break, we except a very big upside so we can hold the trade longer
According to what we analysed on sunday, we can clearly see that we worn the trade for these 2 days, we are now at a zone and we need to be careful, according to my forex book, we see the sentiment is more to the bearish, we should be careful of whats happening in the market
as we the formation of this pattern. it forms at a very strong support. can go short till the support and wait for whats gonna happen next. according to this pattern, it usually breaks bearish but due to this strong support, we need to be so observant and patient for whats gonna come next. break out strategies are need
This forms into the daily with monthly and weekly support and resistances. we can clearly see that we have higher highs. we except to have a 1:1 risky reward ration towards next week before the the wedge breaks to the bearish side as most wedges behave. trade with care. its all about calculated probalities.
this is a reversal pattern. it has a high reward ratio. we clearly see that EURUSD is at its lowest price for the past months. we hopefully believe that such prices will attract inn more high stek buyers to take over the market direction. we can also observe it via the sentiments and with GBPUSD positive collelation of 91.5% we see buying opportunities.
