EURUSD Rising Wedge Short Opportunity
Rising wedge supported by bearish divergence.
Look for a sell signal when a breakout below the wedge occurs, watch for a bounce at 0.618 retracement level (1.1315) and further downward movment to the first target of 1.121.
Open short @ 1.133 (watch for confirmation from the KS line and a breakdown into the cloud)
Target 1: 1.214
Long term Target 2: 1.0644 (will provde further confirmation subsequently to see if this still remains)
Look for a sell signal when a breakout below the wedge occurs, watch for a bounce at 0.618 retracement level (1.1315) and further downward movment to the first target of 1.121.
Open short @ 1.133 (watch for confirmation from the KS line and a breakdown into the cloud)
Target 1: 1.214
Long term Target 2: 1.0644 (will provde further confirmation subsequently to see if this still remains)
Note
Weekly charts indicate a potential Doji candle, signalling a bearish outlook next week.
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