EURUSD - Wyckoff Spring setup
After price breaks above major historical resistant line A last week (D), price has corrected back downward toward the line A. It then formed a nice consolidation range (line B and C). Price later formed a false breakout of the consolidation range and quickly moved back up. This looks like a Wyckoff reaccumulation phase to me, with the false breakout was the spring move to trap sellers.
Candle F is a retest of the demand, and a buy entry can be taken after this candle F, stop loss would be below the support line C or below the body of the lowest candle at the false breakout.
I'm looking forward for price to go up till the highest high formed last week.
Candle F is a retest of the demand, and a buy entry can be taken after this candle F, stop loss would be below the support line C or below the body of the lowest candle at the false breakout.
I'm looking forward for price to go up till the highest high formed last week.
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