There are three days of longs in the market and little in the way of a shake-out, at least below Tuesday's US session lows of 0.5646. The price action took break-out traders up into the 0.5720 area only to be hit by strong sellers, resulting in a move into Day-2 longs from the Asian and the European session and in doing so, causing a vacuum of bids that resulted in a break of the trend line.
This may encourage further selling below the US session highs for the day ahead and risks a sell-off, potentially back towards the lows of the week and into Day-1 longs. The bearish flag that is already looking pretty mature and the prospects of a head and shoulders topping pattern only go to reinforce the bearish thesis for the day ahead.
This may encourage further selling below the US session highs for the day ahead and risks a sell-off, potentially back towards the lows of the week and into Day-1 longs. The bearish flag that is already looking pretty mature and the prospects of a head and shoulders topping pattern only go to reinforce the bearish thesis for the day ahead.
** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea!
Follow me at FXStreet: fxstreet.com/author/ross-j-burland
Come on over to my YouTube channel and Level Up your trading! 💸💸💸💸💸 @RJBforex, Like and Subscribe!
Follow me at FXStreet: fxstreet.com/author/ross-j-burland
Come on over to my YouTube channel and Level Up your trading! 💸💸💸💸💸 @RJBforex, Like and Subscribe!
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.
** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea!
Follow me at FXStreet: fxstreet.com/author/ross-j-burland
Come on over to my YouTube channel and Level Up your trading! 💸💸💸💸💸 @RJBforex, Like and Subscribe!
Follow me at FXStreet: fxstreet.com/author/ross-j-burland
Come on over to my YouTube channel and Level Up your trading! 💸💸💸💸💸 @RJBforex, Like and Subscribe!
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.