Looking over the Weekly chart for the EURUSD pair we can identify an attempted break-out of the rectangular formation, expecting a continuation of the downtrend dating back to May 2014.
The above is also supported from a shooting star on May 2016 (to my eyes at least), clearly indicating a short move, and we have been looking at the price tag going South since then. Check out the performance possible long-term profits with a previous structure support coming on low 0.99000's levels.
We would also expect a retracement move to retest the broken support but trust to become resistance in due time.
All feedback is highly appreciated.
The above is also supported from a shooting star on May 2016 (to my eyes at least), clearly indicating a short move, and we have been looking at the price tag going South since then. Check out the performance possible long-term profits with a previous structure support coming on low 0.99000's levels.
We would also expect a retracement move to retest the broken support but trust to become resistance in due time.
All feedback is highly appreciated.
Trade active
Trade active
The support (area) re-tested followed by an engulfing bear candle :)
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Related publications
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.