BEARISH ON EUR/USD
Updated
Bearish clues:
- Historical resistance at 1.23000 reached
- Long-term bullish parallel channel is breaking down
- Exponential moving average 100 is breaking down
- 50% Fibonacci retracement level is breaking down
- Formation of a double top
Position taking advice:
Maybe wait a clean break of the bullish parallel channel.
Objectives:
EUR/USD could come back to the support (double top neckline) at 1.16000, almost corresponding to the middle of the Andrews' Pitchfork and last lower point. EUR/USD could next go to the 1.14000 level, which coresponds to a support level, the lower boundary of the Andrews' Pitchfork and 50% Fibonacci retracement level of the increase movement between march 2020 and january 2021.
Feel free to share, comment and give your opinion if it is constructive ;)
DISCLAIMER: This is not investment advice
- Historical resistance at 1.23000 reached
- Long-term bullish parallel channel is breaking down
- Exponential moving average 100 is breaking down
- 50% Fibonacci retracement level is breaking down
- Formation of a double top
Position taking advice:
Maybe wait a clean break of the bullish parallel channel.
Objectives:
EUR/USD could come back to the support (double top neckline) at 1.16000, almost corresponding to the middle of the Andrews' Pitchfork and last lower point. EUR/USD could next go to the 1.14000 level, which coresponds to a support level, the lower boundary of the Andrews' Pitchfork and 50% Fibonacci retracement level of the increase movement between march 2020 and january 2021.
Feel free to share, comment and give your opinion if it is constructive ;)
DISCLAIMER: This is not investment advice
Trade active
Nice pullback done on the resistance at 1.19574 (50% Fibonacci retracement level).Trade closed manually
I take my profit right there. EUR/USD is now at a bullish oblique support. It's more careful to take profits there!Trade closed: target reached
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.