The trend in the scenario above is clearly bearish. We have also had a recent break of structure at the marked horizontal arrows, which means we can expect price to react from the supply zone that broke the structure.
EUR/USD: euro painted a wedge
2019-11-11 • Updated
SELL 1.1870 SL 1.1925 TP 1.1755
SELL 1.1910 SL 1.1965 TP 1.1790
On the daily chart, EUR/USD keeps forming “Shark” pattern and “Head and Shoulders”. Further fate of the pair will depend on the test of the neckline. There’s an important resistance at 1.1860-1.1865.
On H1, EUR/USD is finishing “Widening wedge” pattern. A successful test of resistance at 1.1805 will trigger the “Dragon” pattern and increase the odds of growth towards 50%, 61.8% and 78,6% of the wave 4-5. The sellers will take it from there.
Hello, my beautiful readers. This week, we continue our critically detailed look at the markets in hopes of getting profitable trading opportunities. As usual, I'll be starting with the DXY (US Dollar Index) since it holds considerable sway over the Major currency pairs.
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