A nice potential reversal as price broke out the triangle pattern, now testing 1.16000 level. Once cleared, targeting 1.18000 (200 pips). Stop loss can be tight (around 40 pips) or at the bottom of the Monday daily open (around 100 pips)
A double top followed by a clear break of the blue zone has triggered my sell signal. The next key area of resistance would be 1.54500 area. Let's see what happens.
Reasons to enter a sell trade:
- a double tops meaning a reversal could be on the cards.
- price has moved away from the outer Bollinger band
- RSI shows a downwards divergence
- a clear break of...
Price on this currency pair is squeezing as a triangle pattern is starting to form. The corner of the triangle is hitting on a very important date, the EU referendum (23rd June). Be ready for a big reaction on this currency pair.
The main chart behaviour of this is downward trending. The current minor trend is upwards, however the price is expected to touch the trend line and go down. The previous support level and my predicted support (in green) shows how the price has bounced downwards or is going to bounce from these levels. I'm looking for a reversal pattern in the brown circle area to...
