Trend: Bearish
chart pattern: Parallel channel downwards, creating LL and LH
candlesticks:
Pinbar at previous LH indicates weakness moving higher. Followed by bearish candlestick pushing lower.
Other TF:
monthly support has been breached and retested. On the daily we can see a pullback to the 38.2% Fibonacci retracement.
on the daily we can see a clear...
Preference
EURGBP long. Targetting the previous high. If we break 0.90300 we are adding positions.
Alternative
As long as we do not break the trendline and the 0.89000 level we are bullish on this pair.
Remarks
Be patient when opening a position in this pair. Wait for confluence and at least double confirmation.
my preference
Looking for short entries if we can break the 6000 stronghold
alternative
If price moves towards/breaks 6620. Consider taking a long position towards downward sloping trendline.
Remarks
If the break of 6000 stronghold occurs, target both greenlines as TP.
EURUSD
Market conditions
This pair has been ranging for quite a while between 1.15000 and 1.17500. Recently came down to major weekly support line and broke it.
Confirmations
- Trend change in the market: LH/LL
- Broke major support
- Price has hit psychological resistance 1.14000
Notes
- Looking for an entry around the 50% retracement of the previous...
