Continue on the down side
https://uk.tradingview.com/chart/ticRKz5f/
Market structure is in the downtrend and broke below the significant level of 0.89913.
Price went on a corrective movement at 0.89222 as it did not create a lower low.
Price retraces and retest Fibonacci level of 0.618 (which is also the significant level of 0.89913) and did not break above that level, where it created both a downtrend flag pattern and a double top.
Price was at the peak of a small channel and is moving downwards.
2 possible entries:
1. Price breaks and close of the double top neckline.
2. Price breaks and close below the upward channel / flag to signifies change of current swing to the downside.
Short term TP: around 0.88809
Short term SL: above 0.89173
Please feel free to leave any comments so I can sharpen my analysis :) Cheers!
Market structure is in the downtrend and broke below the significant level of 0.89913.
Price went on a corrective movement at 0.89222 as it did not create a lower low.
Price retraces and retest Fibonacci level of 0.618 (which is also the significant level of 0.89913) and did not break above that level, where it created both a downtrend flag pattern and a double top.
Price was at the peak of a small channel and is moving downwards.
2 possible entries:
1. Price breaks and close of the double top neckline.
2. Price breaks and close below the upward channel / flag to signifies change of current swing to the downside.
Short term TP: around 0.88809
Short term SL: above 0.89173
Please feel free to leave any comments so I can sharpen my analysis :) Cheers!
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