EURUSD | Downside expected
Downside movement is expected for the Euro against the US Dollar in coming weeks.
1W:
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 showing clear rejections of higher prices.
1D:
Scoping down to the daily chart gives us a clearer look at the broken ascending trend line/triangle type pattern.
We can see on the daily chart a clear break & retest of this level with a bearish candle close on Friday setting us up for continued downside movement.
Sells will be placed early in the week with a stop loss above the most recent high.
Updates will be posted as the trade plays out.
1W:
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 showing clear rejections of higher prices.
1D:
Scoping down to the daily chart gives us a clearer look at the broken ascending trend line/triangle type pattern.
We can see on the daily chart a clear break & retest of this level with a bearish candle close on Friday setting us up for continued downside movement.
Sells will be placed early in the week with a stop loss above the most recent high.
Updates will be posted as the trade plays out.
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