price is rejecting below the 0.382 line and the previous support indicating bearish momentum.
the pattern is reacting to a previous ascending channel and is correcting
a bear flag has formed on the 4 hour with the rejection on the retest and the zone making it a strong pair to short
caution at the 0.5 fib level. possible targets at the 1.8213 level. scale accordingly
FX:EURUSD
Currently, EURUSD is filling a previous wedge/ ascending pattern.
It has been rejecting off the 0.5 FIB levels on the 4 Hour and the 0.236 FIB levels on the Daily.
The latest 4 hour candle has a possibility to reject off the resistance at 1.0800 if so it would prompt another entry.
Must keep in mind that it has reached the 50 percent part of the...
daily
rejection off the previous support twice
4 hour
descending channel with the rejection off the support
forming a small double bottom with a rejection and a retest
target is the top of structure supported by fib level or the resistance
Any tips or criticisms are welcome :)
daily
Ascending channel pattern reaching its third touch(Usually the final touch before a change in structure)
Multiple rejections off the 0.69300(Yellow line)
4 hour
Rejections off the previous resistance and could not break zone multiple times (Red Zone) potential to enter at least 3 times, however, could be risky
Any questions or tips are welcome :)
