BluetonaFX - EURUSD Cup & Handle Pattern Opportunity
Updated
Hi Traders!
There is a potential cup and handle pattern here on the EURUSD 1D chart. After the down wave and then up wave, the market has now reached the psychological level of 1.10000.
The market has not been around this level for more than a month, so we expect some resistance here, therefore we have drawn the potential cup handle on the chart. The potential cup handle consists of a possible consolidation period near a key resistance level before another attempt to close and break above the level.
1.10000 is the key level; the market must break and close above this level for a continuation upwards. There is a long-term price rejection resistance level at 1.10956; there are also multiple price resistance candles near this level, which we have highlighted on the chart.
If this potential pattern fails and there is no bullish momentum to break and close above 1.10000, the chart pattern will change to a bearish pattern, and we will look for opportunities to short.
Please do not forget to like, comment and follow.
Thank you for your support.
BluetonaFX
There is a potential cup and handle pattern here on the EURUSD 1D chart. After the down wave and then up wave, the market has now reached the psychological level of 1.10000.
The market has not been around this level for more than a month, so we expect some resistance here, therefore we have drawn the potential cup handle on the chart. The potential cup handle consists of a possible consolidation period near a key resistance level before another attempt to close and break above the level.
1.10000 is the key level; the market must break and close above this level for a continuation upwards. There is a long-term price rejection resistance level at 1.10956; there are also multiple price resistance candles near this level, which we have highlighted on the chart.
If this potential pattern fails and there is no bullish momentum to break and close above 1.10000, the chart pattern will change to a bearish pattern, and we will look for opportunities to short.
Please do not forget to like, comment and follow.
Thank you for your support.
BluetonaFX
Note
1.10000 break complete, next long term level is 1.10956
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