Updated

EURUSD, 4-Hour, Possible correction

I consider a possible downtrend correnction or even a trend reversal on the Euro-USDollar pair. Price drew a good trend reversal pattern which cointains a false breakout of the trend line and then a new, lower low. But I think it is only a correction, not a reversal. The US Dollar's foundations are stronger than the Euro's. The scenario will be fulfilled if the price goes up slowly (as a sign of weakness) around mid-September and then goes strongly down breaking the last price lows. The signal of confirmation is the divergence of the RSI on the daily interval. The false broken trend line has been since Feb '22.

Note

Double top?

Note

Be careful on Monday. It might be too early for longs.

Note

It was a nice demand reaction today.

Note

The supply zone reached with an ideal rebound from the trend line.

Note

This scenario has aged nicely.

MichaelFX_ICT

Also on:

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.

MichaelFX_ICT

Also on: