Falling wedge on EURUSD. Let me know thoughts.
Updated
This is an update on the EURUSD which has broken the previous bullish trend line.
Highlighted in the purple rectangle is what I believe to be a head and shoulders pattern. I expect this pattern to push down to at least the 1.186 level. This is a major level of support that has been retested multiple times. This push to the downside is what is forming the falling wedge (shown in blue).
I would expect to see some retracement before the pair pushes down further. I noticed a Buy opportunity on this retracement on the 15 min chart where the pair has touched and rejected previous support at 1.195- This has has just hit my Take Profit- Although I didn't take the trade and Im currently watching the pair, I consider this a win.
Because the pair is currently bearish. I think it would be smarter to wait out on the pullbacks and trade the sells as this is the main direction I expect the pair to move until the 1.186 level. It is still too early to tell which direction the pair will move once this level is hit. But i speculate the overall bullish trend to continue following the falling wedge.
I do not claim to be an expert in any way and am currently learning. Trade at your own risk.
Highlighted in the purple rectangle is what I believe to be a head and shoulders pattern. I expect this pattern to push down to at least the 1.186 level. This is a major level of support that has been retested multiple times. This push to the downside is what is forming the falling wedge (shown in blue).
I would expect to see some retracement before the pair pushes down further. I noticed a Buy opportunity on this retracement on the 15 min chart where the pair has touched and rejected previous support at 1.195- This has has just hit my Take Profit- Although I didn't take the trade and Im currently watching the pair, I consider this a win.
Because the pair is currently bearish. I think it would be smarter to wait out on the pullbacks and trade the sells as this is the main direction I expect the pair to move until the 1.186 level. It is still too early to tell which direction the pair will move once this level is hit. But i speculate the overall bullish trend to continue following the falling wedge.
I do not claim to be an expert in any way and am currently learning. Trade at your own risk.
Comment
Here is the buy opportunity I spotted last night.
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