For educational, study, and demonstration purposes only.
EUR/USD is in an overall bear trend. The structure of the market is a head and shoulders pattern on the day chart. As we hone in on the hour chart we can see that price respects the 38.2% fib area (highlighted in yellow) with long wicks and price rejection.. Note also the downward trend line which is also respected at 3 points. Continuation in a bearish pattern would confirm completion of the right shoulder of a head and shoulders pattern. I would expect that this pair will have multiple strong bullish retracements before continuing its way down.
EUR/USD is in an overall bear trend. The structure of the market is a head and shoulders pattern on the day chart. As we hone in on the hour chart we can see that price respects the 38.2% fib area (highlighted in yellow) with long wicks and price rejection.. Note also the downward trend line which is also respected at 3 points. Continuation in a bearish pattern would confirm completion of the right shoulder of a head and shoulders pattern. I would expect that this pair will have multiple strong bullish retracements before continuing its way down.
Trade closed: target reached
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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.