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🟢Forex Pair:
EUR/USD
⚪Technical Analysis:
Since the end of January 2021, the price has been forming an interesting head & shoulders pattern, confirming the right shoulder with its higher high during the 17th of February.
Considering the strong bearish trend correction started at beginning of January after a rejection on the level at about 1.23500, I would say that is possible the validity of this pattern as a trend correction reversal.
The price is currently below the resistance zone at about 1.21500 and it's just got a bullish rejection on the EMA 200.
🔴Conclusion:
In the daily time frame the market is still bullish so I will be looking for a long position.
I'm confident to see the price breaking through the resistance zone at 1.21500 and probably pulling back on the same level.
Eventually the price will break up the resistance zone, closing with a strong up bar around the level 1.21800, I would consider the long position on my chart.
-The entry point would be the level at about 1.21900, just above the resistance zone, if the price will create a new high or will close around that level;
-The take profit would be the level at about 1.23450, an interesting resistance area that previously rejected the market;
-The stop loss would be around the level 1.21150, just below the support zone and the neckline.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
🟢Forex Pair:
EUR/USD
⚪Technical Analysis:
Since the end of January 2021, the price has been forming an interesting head & shoulders pattern, confirming the right shoulder with its higher high during the 17th of February.
Considering the strong bearish trend correction started at beginning of January after a rejection on the level at about 1.23500, I would say that is possible the validity of this pattern as a trend correction reversal.
The price is currently below the resistance zone at about 1.21500 and it's just got a bullish rejection on the EMA 200.
🔴Conclusion:
In the daily time frame the market is still bullish so I will be looking for a long position.
I'm confident to see the price breaking through the resistance zone at 1.21500 and probably pulling back on the same level.
Eventually the price will break up the resistance zone, closing with a strong up bar around the level 1.21800, I would consider the long position on my chart.
-The entry point would be the level at about 1.21900, just above the resistance zone, if the price will create a new high or will close around that level;
-The take profit would be the level at about 1.23450, an interesting resistance area that previously rejected the market;
-The stop loss would be around the level 1.21150, just below the support zone and the neckline.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
