EURUSD has given us a false break above an ascending pendant, indicating potential significant further move downwards, but is currently stuck between two very significant support and resistance levels. With the current fundamentals and potential for very heavy movements given upcoming news this week, will watch and see.
If the price breaks below support at 1.0970, it is likely that will test the bottom trend line of the pendant and if it breaks, next clear strong support is around 1.0530.
If the price breaks below support at 1.0970, it is likely that will test the bottom trend line of the pendant and if it breaks, next clear strong support is around 1.0530.
Trade active:
Counted bars to each side of the head forming clearly on both the 4H and 2H charts. There are 11 bars to the letf, we are, as we speak on the 10th bar to the right. It begins to seem a very clear head and shoulders.
Opened a very small short position targeting first support.
Opened a very small short position targeting first support.
Trade closed: target reached:
Trade worked perfectly and target was reached. Meanwhile a new reading of the price action emerged, will publish a new idea.
