Wait a pull back on lower timeframe (weekly/daily) Good Luck!
Based on today price action I could reverse my position (see linked idea).
Description on the chart. I've closed my long position in GBPAUD and EURAUD (see ideas linked) DAILY CHART:
Description on the chart. Retest:
Description on the chart.
EURUSD is reaching the bottom of the channel between 0.618 and 0.786 fib and a weekly support. Now it's facing some support from a descending trend line (price could bounce even at this level). DXY is also reaching the top of a channel (see below)! Wait a breakout from the CTL in 4h tm. Good luck! DXY channel:
Description on the chart. RSI Divergence:
Description on chart . Double bottom and Trend line breakout:
Keep it simple. Monthly breakout and retest. Wait for a good setup on lower timeframes.
History repeats itself. Let's see the bigger picture first. EURJPY is forming a monthly ABCD pattern (abcd in the above chart) with a C retracement of 0.618% fib. In construction of the CD leg, price is making LH and LL showing 3 clear ABCD pattern in lower timeframe (eg. daily) (the colored ABCD). All pattern have in common the C retracement of 0.618%. Joining...
EURUSD has successfully break an inside bar formation in which price was trapped for more than a year and closed above it for the first time. RSI Divergence (easier to see with Line Chart) sustain my bias.
Wait candle close before entering. A more conservative trade would be the breakout of the CTL.