After every impulse, there's a correction. Well, looks like EURUSD is finally giving us that correction. We have a rising wedge which is a sign that the market is about to change its direction, in this case, Descending pattern is very possible!
We had an uptrending channel and the market has broken it now. There's a trend within a trend - in this case, on the Uptrending channel we found a rising wedge which led to the market breaking the channel (uptrending channel). Cuurently the market is swimming on the Support zone which has been tested morethan 5times. That zone serves as our neckline! Should the market break this zone, i'll anticipate a retest and then a sell! or let's just say, a candle closing below the support zone (our floor) will trigger a sell!
so, here's the breakdown;
1. The Uptrending channel is broken and retested.
2. The Rising wedge within a channel has been broken and the support is broken and retested!
3. The market is in the support zone, and is attempting to break it.
4. Should the market close open below the support zone (our neckline), the sell is triggered!
5. Stop loss Above outside support zone: Take profit 1.11803!
Please follow me for my analysis on Fcabook: Bhekani Bhompus Sakhile.
We had an uptrending channel and the market has broken it now. There's a trend within a trend - in this case, on the Uptrending channel we found a rising wedge which led to the market breaking the channel (uptrending channel). Cuurently the market is swimming on the Support zone which has been tested morethan 5times. That zone serves as our neckline! Should the market break this zone, i'll anticipate a retest and then a sell! or let's just say, a candle closing below the support zone (our floor) will trigger a sell!
so, here's the breakdown;
1. The Uptrending channel is broken and retested.
2. The Rising wedge within a channel has been broken and the support is broken and retested!
3. The market is in the support zone, and is attempting to break it.
4. Should the market close open below the support zone (our neckline), the sell is triggered!
5. Stop loss Above outside support zone: Take profit 1.11803!
Please follow me for my analysis on Fcabook: Bhekani Bhompus Sakhile.