In my previous EURUSD post, I analyzed the historical chart (1971 - 2024). You know that EURO is heading for a big crash. If you haven't seen this very important post, please check out the related section down below. You have to see it if you are a real EURUSD trader.
Today, let's take a look at the actual 2023/2024 price action to see what is going on here. We have a secret head and shoulders pattern, that no one knows about. In general, the head and shoulders pattern is a reversal pattern and usually occurs at the top of the trend. These patterns are pretty much never perfect, so it's not always easy to spot them. This one is really hard to see, but I made it easy for you. We have 2 shoulders, and each shoulder is composed of a parallel channel. Neckline / HEAD is in the middle. This is of course an important level and strong support/resistance. Right now, it's a support, but once we break it, it turns into a resistance. Of course, I expect a breakdown on this bearish pattern, so make sure you are prepared for what is coming!
Is it good to short EURO now? Yes. Where to take profit? It depends on how long you want to wait. I have market 3 strong levels on the way down. The first is the neckline of the HaS pattern. The second is the POC (Point of Control) of the previous market structure. The third is the previous major swing low.
From the Elliott Wave perspective, I see a bearish Elliott Nest, that is composed of waves (1-2-1-2). This is an extremely strong fractal because once wave 3 starts, a steep downtrend begins. Usually, wave 3 is the strongest of all waves.
Let me know what you think about my analysis in the comment section, and please hit boost and follow for more ideas. Trading is not hard if you have a good coach! Thank you, and I wish you successful trades.
Today, let's take a look at the actual 2023/2024 price action to see what is going on here. We have a secret head and shoulders pattern, that no one knows about. In general, the head and shoulders pattern is a reversal pattern and usually occurs at the top of the trend. These patterns are pretty much never perfect, so it's not always easy to spot them. This one is really hard to see, but I made it easy for you. We have 2 shoulders, and each shoulder is composed of a parallel channel. Neckline / HEAD is in the middle. This is of course an important level and strong support/resistance. Right now, it's a support, but once we break it, it turns into a resistance. Of course, I expect a breakdown on this bearish pattern, so make sure you are prepared for what is coming!
Is it good to short EURO now? Yes. Where to take profit? It depends on how long you want to wait. I have market 3 strong levels on the way down. The first is the neckline of the HaS pattern. The second is the POC (Point of Control) of the previous market structure. The third is the previous major swing low.
From the Elliott Wave perspective, I see a bearish Elliott Nest, that is composed of waves (1-2-1-2). This is an extremely strong fractal because once wave 3 starts, a steep downtrend begins. Usually, wave 3 is the strongest of all waves.
Let me know what you think about my analysis in the comment section, and please hit boost and follow for more ideas. Trading is not hard if you have a good coach! Thank you, and I wish you successful trades.
Trade active
Best time to shortNote
DXY index is very bullish. One of my new ideas will be on the DXY index, make sure you follow me to stay updated!Note
The DXY index is very bullish, on the monthly scale we have a strong uptrend since 2008 and this uptrend is still valid! I believe we will reach levels around 121!.
Note
USD will strengthen against the majority of currencies. Be prepared for the next major FOREX pairs.Note
Current EURUSD Price action: Amazing opportunity to short EURUSD. We have a bearish impulse wave + ABC correction.Note
We are starting wave (3)(3)(3) if it does make sense to you!Note
EURUSD provides a lifetime opportunity. You can short EURUSD with an extremely high risk to reward ratio.Note
Invalidation of this bearish pattern is at 1.1000 Until then, EURO Is bearish.
Note
Last update: Next week will be crucial, but I recommend entering a short position without hesitating.
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💡Join my VIP group (signals, my trades)
xanrox.org/premium
✅Deposit $300 to receive $50, Deposit $2000 to receive $300
partner.coincatch.com/bg/XanroxEvent
xanrox.org/premium
✅Deposit $300 to receive $50, Deposit $2000 to receive $300
partner.coincatch.com/bg/XanroxEvent
Related publications
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.