Hello trading community W1-previous Lower Low has been cleared,which is our major key level and supply D1-applying chart patterns we see a head and shoulders pattern signalling an exhausted bull market giving a chance for bear market to reign H4-recent Higher Low been broken and consolidation phase in progress,waiting for confirmation for the downside. 1st...
HELLO TRADERS It seems like on a weekly timeframe this pair reached a resistance or supply zone(LOWER HIGH) and to back this up with top down analysis on a daily timeframe, the market formed a head and shoulders chart pattern which is a reversal chart pattern. Moving on to the 4 Hour timeframe the market broke the neckline, probably confirming the new direction...
Dear Traders I have a broken ascending channel which should be cleared at 136.819(50% Fibonacci retracement)/last HL.SL @136.970 should be fine and TP @ 130.200 at our power candle. Best wishes!
On H4 timeframe we have an inverse head and shoulders and the uppeŕ trendline or previous resistance has been broken,which confirms a new trend.On M15 we have a power candle,we expect price to clear at around 1.20080 before going long and SL at around 1.19900