a potential double top forming on the weekly chart.
A bearish engulfing candle which formed last week could be the start of the pullback.
A sell trade on a break below this candle could easily move down to the 82.00 area.
From there if no major support forms a further break down to the 80.50 pivot zone
could be possible.
This pair is in a very strong up trend
on the daily and has formed a pivot
zone on the 4 hr at 124.30 . Also looks like
a decending triangle forming. I will look for a
break of this triangle for a long trade. Initail target
would be top of triangle with a stop below the
124.30 pivot zone.
This pair sold off strongly on Tuesday.
Price is now testing the pivot zone at 0.7450
that Tuesdays candle closed below. Look for a
rejection of this area on the 1 hr chart for posible
short trades
.
This is forming a consolidation wedge on the 4hr chart . At a weekly pivot piont
watch for it to close above upper wedge line and continue the strong uptrend
The EUR/USD is currently trending downwards after forming a double top on the weekly chart back in June 2021.
It has formed a bearish engulfing candle on the daily chart after testing the 1.17 zone which lines up with the weekly downtrend line.
It has a stong chance to drop down to test the old resistance level of 1.14 from here.
