EURUSD | Pottential M Pattern
Updated
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This is a personal opinion, I am not responsible on your trading results.
Trade with your own risk.
In the H4 time frame, there is a potential for the formation of an M pattern. Several things to consider for the formation of this pattern include:
1. Retracement or correction that occurs through the previous trough.
2. Further strengthening stopped at the Fibonacci Retracement ratio between 0.786 - 0.886 and made a base.
3. There is a Hidden Bearish Divergence between the Peak formed and the Oscillator (Stochastic).
If this pattern is valid, then the target for EURUSD weakness is around the 1.055x level which is the 1.618 Fibonacci Retracement ratio level and coincides with the classic support area.
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Best regards, riandwip686
This is a personal opinion, I am not responsible on your trading results.
Trade with your own risk.
In the H4 time frame, there is a potential for the formation of an M pattern. Several things to consider for the formation of this pattern include:
1. Retracement or correction that occurs through the previous trough.
2. Further strengthening stopped at the Fibonacci Retracement ratio between 0.786 - 0.886 and made a base.
3. There is a Hidden Bearish Divergence between the Peak formed and the Oscillator (Stochastic).
If this pattern is valid, then the target for EURUSD weakness is around the 1.055x level which is the 1.618 Fibonacci Retracement ratio level and coincides with the classic support area.
Follow me for next update
___________
Best regards, riandwip686
Trade closed: target reached
Disclaimer
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