H&S + trendline touch confluence, supply zone downside push.
This trade follows market structure of lower high and lower low formation. The end of the retracement move is suggested by multiple wicking candles on the 4 hourly chart. Double top and fib confluence.
Momentum to the upside has slowed down and price action suggests a reversal.
There has been a breakout from the consolidation fair value price area...
STF corrective price movement suggesting that there is a build up of value before another impulsive run.
price is currently resting at a strong demand zone...
Price has been very corrective as of late and has reached a supply zone.
Price is creeping its way up the 'self fulfilling prophecy' level...
reversal cards are on the deck. According to structure, bullish impulse moves are on the way.
EURJPY is expected to inch higher as it has travelled up towards a pivotal zone which may create a demand push.
fibonacci based pullback with h and s reversal confluence...
Looking at momentum, if price reaches fib level, I have fib extension targets of 50+ pips.
very choppy in nature, but the corrective price action on the stf suggests that a breakout is pending. Patience is needed for accurate execution.
the lack of momentum and double top formation suggests price will drop
If structure stays in tact, we should see price go higher.