In the last hour we've seen EUR/USD break the neckline of a standard M-Top candle formation.
M-Tops and W-Bottoms are highlu reliable structures and although they can be used in isolation its always better to see if they form at areas or lines of resistance or support.
In this case we have RSI decling as well as MACD and yesterday pricehit WR1 pivot elevel which frequently will have SELLERS jumping into the market.
I'm a big believer in Pivot levels as these can be marked on your charts at the start of the week so you are forewarned that the price MAY do something if WR1 and WS1 are hit.
Pivot Point SuperTrend which I use has confimed this SHORT bias and the Andean Oscillator red SELL line is rising.
All in all this looka s olid SELL signal although the key 100 and 200 EMA moving averages are below the price but far enough away to get a healthy plus STOP should price make it down there.
STOP for this trade is 1.0819 which is the recent high and target is open but provisionally 1.0774 which is the 200 EMA.
M-Tops and W-Bottoms are highlu reliable structures and although they can be used in isolation its always better to see if they form at areas or lines of resistance or support.
In this case we have RSI decling as well as MACD and yesterday pricehit WR1 pivot elevel which frequently will have SELLERS jumping into the market.
I'm a big believer in Pivot levels as these can be marked on your charts at the start of the week so you are forewarned that the price MAY do something if WR1 and WS1 are hit.
Pivot Point SuperTrend which I use has confimed this SHORT bias and the Andean Oscillator red SELL line is rising.
All in all this looka s olid SELL signal although the key 100 and 200 EMA moving averages are below the price but far enough away to get a healthy plus STOP should price make it down there.
STOP for this trade is 1.0819 which is the recent high and target is open but provisionally 1.0774 which is the 200 EMA.