EURUSD is poised for a drop as bearish divergence is brewing on a monthly chart coupled with an overall harmonic price pattern completion, price reaching 23.6% retracement and monthly bearish downtrend.
On a 4H chart, price is in a bearish channel with 2 harmonic price patterns having been completed.
On a 1H chart, RSI is already indicating that price is at an oversold level.
Trades can be entered riding the bearish move down to the bottom of the channel and/or retest upon breakout of the greater bullish trendline.
On a 4H chart, price is in a bearish channel with 2 harmonic price patterns having been completed.
On a 1H chart, RSI is already indicating that price is at an oversold level.
Trades can be entered riding the bearish move down to the bottom of the channel and/or retest upon breakout of the greater bullish trendline.
Comment:
Comment:
The sudden bullish move should just be treated as a knee-jerk reaction.
Price is now at an extremely overbought level and has just formed a shooting star.
Expect price to fall anytime soon.
Price is now at an extremely overbought level and has just formed a shooting star.
Expect price to fall anytime soon.