Looking at past analysis of support/resistance levels. It can be seen in this chart that a potential swing short may be in play.
If the EURUSD can break further down past this level of support then a clear indicator of a short play may be indicated.
*Do take note that this is not a financial advise therefore I am not liable for any losses incurred if you...
As seen on the Monthly, Weekly charts. This is a strong level of support with RSI indicators of it being oversold.
If it breaks below then I will be looking at a short play but at this current state, I am going for a long.
EURUSD Day Short, Strong level of resistance/Resistance level at day trend line short/ Yellow line indicates fio level of 61.8%. Strong confluences of a strong short trade.
EURUSD currently at a tested support level which is 50% fib level. A potential long position but overall trend analysis is still short.
Potential lookout is if it breaks the trendline, look for retest of the trendline to go short.
EURUSD is now currently at a level of previous tested support level which in turn now acts as a resistance level. A potential short-play downwards from this level could be considered.
Additional factors such as 38.20% fib levels and the downward channel trendline resistance leve.
Potential EURUSD Long to Fib level 38.20% which is similarly at a previous tested support level which in turn could be the new resistance now in this downtrending channel.
Looking into the 5mins time frame, a potential rising wedge formation can be spotted which is an indicator of a reversal pattern and signaling a short/bearish movement.
Additionally, a tested level of resistance on timeframes (5mins, 15mins, 1 hour). Risk:Reward is favorable in this scenario.
With a proper break of the tested support level, a clear short play is now currently in play. To those who managed to catch it, good for you. For those who want to catch it, wait for pull backs to short.
Looking at the image, it can be found that EURUSD is at a tested level of resistance (Trendline) and Fibonacci level of 50%. A potential short play currently but to take note of a potential inverted Head & Shoulder potentially forming which indicates a bullish play.
All this will be in reference with the US Basket chart whereby it is currently at a tested...
This is just an update post on the successful formation of the inverted Head and Shoulder formation. If you went Long at the neckline, you would be seeing a huge profits in return.
Referring to my past post on the analysis of an inverted Head and Shoulders forming on the day chart of EURUSD, it can confirmed that it has formed. If you had an entry placed in above the neckline, you will be riding in nice profits now :)
