1. As you can see we have a regular bullish divergence on the 4hr timeframe
2. In addition to this we are currently in a falling wedge
3. If we break to the upside and use my resistance area (black line) as support which is a key level we could see upwards of 300 pips
4. Signal to enter would be a bullish candlestick formation of the support area
1. As you can see we have a hidden bearish divergence on the 1hr timeframe
2. We have also hit a key resistance area signified by the plotted black line
3. We then have a bearish engulfing candle which adds more substance to taking the trade
4. Finally awaiting the entry signal of the rsi crossing the overbought band (60) in a downward direction
Expecting price to break upwards after recently breaking the long daily down trend and retesting the support zone (blue box)
Expecting EUR USD to go long after the Fed dropping hints of future rate cuts at last weeks meeting
Inverted Head and Shoulders ahead of FED interest rate decision.
Good risk reward ratio as you can see setting the TP @ 200ma and SL at recent swing low.
FED interest rate decision is forecast not to change this time however laying the groundwork's for future rate cuts later in the year.