EURUSD: bias shifting in EURUSD
As I've been posting recently, I've been leaning towards a buying position. However, looking at the movement over the past two months, it seems like I'm changing my mind.
The reasons are:
- zigzag correction formed over the past two weeks (check my previous post)
- the rapid upward impulse doesn't seem natural to me; I suspect it might be a trap for the last wave (Wave C, yellow color ABC on the chart)
- an unclosed price gap below (check my previous post)
- we can see a head and shoulders pattern on the H4 chart
However, we need to wait for a few confirmation signals for the trend reversal. I've provided a signal on the chart with confirmation from the smallest timeframe (most aggressive).
Feel free to write in the comments if you have any other ideas. Good luck!
The reasons are:
- zigzag correction formed over the past two weeks (check my previous post)
- the rapid upward impulse doesn't seem natural to me; I suspect it might be a trap for the last wave (Wave C, yellow color ABC on the chart)
- an unclosed price gap below (check my previous post)
- we can see a head and shoulders pattern on the H4 chart
However, we need to wait for a few confirmation signals for the trend reversal. I've provided a signal on the chart with confirmation from the smallest timeframe (most aggressive).
Feel free to write in the comments if you have any other ideas. Good luck!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.