EUR/USD Broke an important level today. What to expect?
Hi guys,
I have analyzed this pair and we can see some interest things going on lately.
On the above H4 chart, you can see that the price is in the middle of a channel. Price just broke the Lower Low (LL) levels @ around 1.12.
We are clearly in a downtrend and it's still time to catch it!
The trading plan is the following:
Wait for the pair to pullback at around 1.12 levels (previous LL). We need to see a rejection H4 candle which will give us the impulse to sell. The sell trade will thus take some days, unless we see volatile price action in the upcoming hours.
The target is the bottom of the current structure which is also a weekly fib level. An important one since it's the 61.8% retracement. This price level is around 1.10350.
This idea is for educational purpose only, trade at your own risk.
Terminology used in my chart: LL = lower low, HL= Higher Low, LH= Lower High, Fake BO = Fake breakout, H = High, L= Low
Feel free to comment/Like my ideas.
Happy trading!
Jesse
I have analyzed this pair and we can see some interest things going on lately.
On the above H4 chart, you can see that the price is in the middle of a channel. Price just broke the Lower Low (LL) levels @ around 1.12.
We are clearly in a downtrend and it's still time to catch it!
The trading plan is the following:
Wait for the pair to pullback at around 1.12 levels (previous LL). We need to see a rejection H4 candle which will give us the impulse to sell. The sell trade will thus take some days, unless we see volatile price action in the upcoming hours.
The target is the bottom of the current structure which is also a weekly fib level. An important one since it's the 61.8% retracement. This price level is around 1.10350.
This idea is for educational purpose only, trade at your own risk.
Terminology used in my chart: LL = lower low, HL= Higher Low, LH= Lower High, Fake BO = Fake breakout, H = High, L= Low
Feel free to comment/Like my ideas.
Happy trading!
Jesse
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Hmmm.... Looks a good area to short !