EURUSD False Breakout, Watch for reversal price action
Updated
hi everyone:
Similar like what I point out in GBPUSD, we can see EURUSD is also showing signs of possible bearish price action.
Last week we we ended up see some short term bullish up move during mid week, breaking above the previous structure, and was looking like it will continue higher.
Instead, what ended up with a bull trap, where price broke up, but no continuation bullish price action, instead a lower time frame reversal, and price impulse down.
These are great development as it shows a false breakout, and potentially a bearish reversal from the top is very possible.
Now we just need to wait for a bearish continuation correction on the lower time frames to confirm this downside move, and look for sell down to previous lows.
Thank you
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Looks like its dropping just as expected, are you in the sell ?Comment
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