Downside movement is expected for the Euro against the US Dollar in coming weeks.
On the weekly chart we saw a large head & shoulders reversal pattern form, and price has since broken below the neckline support & found sustained resistance holding below it.
We've also seen a smaller ascending trend line broken to the downside with a weekly candle close...
In higher time-frame structure(i.e. 1D/1W), ascending channel structure is obviously formed & looking for pattern breakthrough to the TP as shown in the graph. Looking for potential SHORT TERM/ LONG TERM sell position at the brink of the structure. Looking into lower time-frame( i.e. 15mins or even 1h chart), little ascending channel is formed & candles touched...
EUR USD finally break box shown in the chart!
We are in this 200 pips range since 31 of November until 11 of Fev. For this reason I have boxed this area and simple replicate for a potential target.
For a entry- I want to see a retest of 1.3000 and a combination of candles showing a bearish engulfing pattern!
Once we have that I do believe Eur usd will present...
GBPUSD trading in a downtrend on the 4hr timeframe, suggesting further bearish movement for the short-term.
Resistance at 0.382% daily fibonacci retracement level.
Trading below the EMA 200 & 800 on the daily timeframe.
Ideal entry would be at 1.29300 technical resistance level.
If the 1.29000 psychological level is broken this could suggest further bearish...
EURUSD Potential sell: Downward trend Possible bearish price movement towards the support line at 1.1353. Also supported by new, German PPI declined by 0.4% the first decline since February 2018. EURUSD started the trading week with small gains.. FXSTREET Index (bearish trend)
Potential retracement if price retests support level. If this is so - then potential buy order.
If not, then false break data point and then a continuation of downtrend (then potential sell order).
Still working out the Fibonacci retracement tool.
Is EU telling us where it is going to be heading in the year coming? Looking at an On-Trend Continuation in the current area. 61 & 38 Confluence on the 1.15 Mantle, wicks out to the top, Previous Price Reversal Area, 3-4th Loose
hit on the Downtrend line, 100EMA floating across the top. Very nice set-up, possibly for the first half of the year.