EUR/USD - SELL - Downtrend Continuation
Looking at EUR/USD on the D1 Timeframe, from a technical analysis stand point the market is currently ranging within a descending channel, making new lower highs and new lower lows.
I see the market moving as a bullish retracement making new lower high being made on the 23.6 fibonacci level. This is confirmed from the strong bullish pin bar signal after touching the support of my descending channel
Ichimoku Kinko Hyo is also showing me bearish signals which solidifies my statement. Chikou Span is currently below price pointing downwards. The market is currently below a bearish kumo cloud as Senkou Span A is acting as a strong resistance, which is in line with my 23.6 fib level.
Ultimately, before making SELL order I am going to wait for a reversal on the bullish retracement, I will be looking for bearish candlestick patterns on my 23.6 fib level
I see the market moving as a bullish retracement making new lower high being made on the 23.6 fibonacci level. This is confirmed from the strong bullish pin bar signal after touching the support of my descending channel
Ichimoku Kinko Hyo is also showing me bearish signals which solidifies my statement. Chikou Span is currently below price pointing downwards. The market is currently below a bearish kumo cloud as Senkou Span A is acting as a strong resistance, which is in line with my 23.6 fib level.
Ultimately, before making SELL order I am going to wait for a reversal on the bullish retracement, I will be looking for bearish candlestick patterns on my 23.6 fib level
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