EURUSD has been growing before making a small retrace. I believe it is going to reach the 61.8 level before making a trend reversal. The 61.8 fib level lines up with the previous key resistance level which adds to my favour.
Bullish pennant indicated a bullish push towards 61.8 key resistance level. The price went down and retested the resistance line before going down again creating a double top pattern. This indicates bearish momentum and a reverse in the overall bullish trend. The price has already retested the neckline and I expect a bearish push down to 1.2370.
My first time using the Fibonacci Retracement strategy, this is just a test to see if my technical analysis has worked so please do not copy my trade or follow my analysis as i am still a beginner. There is a clear downtrend and retracement straight after which is why i have used this technical analysis. We can also presume that the currency pair GBPUSD will...
