EURUSD potential double bottom & AB=CD
From.my analysis we can see price has found itself back at the 61.8 level
By scaling through the time frames you can see a trendline break out on the 1 hour and it has retested some support. By placing an entry midway between the last bar and a stop loss at main resistance you can get a good risk reward of 1:12. On the smaller time frame I have an X spot constructed by two trendline.
The main trend is down however I feel a bullish run to the trend line is possible. I have my doubts about a full AB=CD pattern.
At this point if price reached the trend line scale back the position and move stop loss to a good profit.if price breaks through, ride it as far as possible. If not, take profits.
By scaling through the time frames you can see a trendline break out on the 1 hour and it has retested some support. By placing an entry midway between the last bar and a stop loss at main resistance you can get a good risk reward of 1:12. On the smaller time frame I have an X spot constructed by two trendline.
The main trend is down however I feel a bullish run to the trend line is possible. I have my doubts about a full AB=CD pattern.
At this point if price reached the trend line scale back the position and move stop loss to a good profit.if price breaks through, ride it as far as possible. If not, take profits.
Comment:
Price is acting as predicted.