EurUsd's 4H chart shows a bearish
retracement which does not look like a counter-trend since it has has multiple bullish
candles. The resistance trendline
has three narrow touches in a short trendline
which is quite steep which can indicate a possible strong breakout. Furthermore, the white line represents high to low in the daily timeframe
acting as support. Additionally, the .38 retracement acting as support is in a similar reachable level by the price action. Moreover, The previous broken resistance trendline
is long, has wide touches, and is not steep, which can oblige the price action to retest that level and shoot up. Despite of all this, the price can still choose to break the daily upward trendline
I am personally waiting for a candlestick
formation or catalyst to confirm where the price will go and which trendline
(s) it will break. Without confirmation no set-up is good enough!
Follow for consistent price action analysis.
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