EURUSD

By PioTheFx

Updated

Note

Price did move close tothe X region and make a strong bearish move as were expected.

Note

After last week bullish rebound from the a strong support level, it is now pausing just below the channel support.

Note

A triangle has been formed bellow this support that may suggest the fate of the pair, which might be the bullish breakout (which I think has a low possibility), a bearish reversal to retest the support it has rebounded from or a range.

Trade active

The triangle has been broken bullishly followed by the resistance level and price is heading toward the channel resistance level as shown bellow.

Note

Looks like price is forming a double top pattern around the strong resistance level, which might lead to a retracement into the rectangle.

Note

Price has breached the blue resistance level and the channel resistance, although is forming what looks like an exhaustion candle. I will keep an eye for confirmation of a breakout or reversal into the channel.

LESSONS LEARNT:
Always don't judge a move before it gives enough clues, this is because I was contemplating of selling the market in the previous analysis with expectation that it were going to form a double top pattern and later complete what could have been a head and shoulder or something, but it seems the market has deffied all that.

PioTheFx

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