EURUSD is poised for a drop as bearish divergence is brewing on a monthly chart coupled with an overall harmonic price pattern completion, price reaching 23.6% retracement and monthly bearish downtrend.
On a 4H chart, price is in a bearish channel with 2 harmonic price patterns having been completed.
On a 1H chart, RSI is already indicating that price is at an oversold level.
Trades can be entered riding the bearish move down to the bottom of the channel and/or retest upon breakout of the greater bullish trendline.
On a 4H chart, price is in a bearish channel with 2 harmonic price patterns having been completed.
On a 1H chart, RSI is already indicating that price is at an oversold level.
Trades can be entered riding the bearish move down to the bottom of the channel and/or retest upon breakout of the greater bullish trendline.
Note
Note
The sudden bullish move should just be treated as a knee-jerk reaction. Price is now at an extremely overbought level and has just formed a shooting star.
Expect price to fall anytime soon.
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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.