EURUSD has a high chance of continuing the bearish movement and the reasons are as follows:
1. We can see EURUSD formed a Double top, this is a sign that bulls could not push the price higher to create a Higher high meaning bears are fighting back to push the price down lol
2. The zone we see a double top at is also a strong zone on the Daily timeframe that means the price couldn't push above it, shows the supply zone is strong
3. Price broke out the neckline meaning that selling pressure is now pushing the price down
4. We see a correction move after price broke down(retest on the neckline), this means that after this correction move/retracement price might actually start to push down continuing the bearish move(start of the Impulsive move)
Note: this is not a signal but my point of view and something that might possibly happen, but at the moment I haven't got a Bearish candlestick sign that will confirm it will push down, so there's also a chance price might not respect the Neckline and continue up.
REMEMBER: we as traders don't place trades without a confirmation, we are not gambling here😂anyways, this is just a heads up
1. We can see EURUSD formed a Double top, this is a sign that bulls could not push the price higher to create a Higher high meaning bears are fighting back to push the price down lol
2. The zone we see a double top at is also a strong zone on the Daily timeframe that means the price couldn't push above it, shows the supply zone is strong
3. Price broke out the neckline meaning that selling pressure is now pushing the price down
4. We see a correction move after price broke down(retest on the neckline), this means that after this correction move/retracement price might actually start to push down continuing the bearish move(start of the Impulsive move)
Note: this is not a signal but my point of view and something that might possibly happen, but at the moment I haven't got a Bearish candlestick sign that will confirm it will push down, so there's also a chance price might not respect the Neckline and continue up.
REMEMBER: we as traders don't place trades without a confirmation, we are not gambling here😂anyways, this is just a heads up
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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.
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.