Good Day Traders !!! It's time for an update on EUR/USD. Last time we identified the H&S pattern and we said that the price will come for a retest of the neckline and this is exactly what happened. Now we are sitting at an extremely strong level of resistance and we expect the neckline to reject the price and see more bearish movement overtime, Also we have the 0.618 Fib level in confluence with the resistance of the neckline which makes it even harder to break. From an institutional perspective we have a massive amount of longs have been closed and hedge funds added short position on EUR , So we might also have some sell limits around this area and we could see a potential drop in price.
Now if you enjoyed this analysis smash that like button and share. If you have a different opinion please leave a comment below as I would love to get more insights and ideas. I also linked my previous idea about this asset.
Trade safe !!!
Now if you enjoyed this analysis smash that like button and share. If you have a different opinion please leave a comment below as I would love to get more insights and ideas. I also linked my previous idea about this asset.
Trade safe !!!
