EUR/USD: Consolidation close to the end!
What’s up guys and welcome to my profile, my name is Gianni and today I’m going to analyse the EUR/USD, trying to translate the market information with a full technical analysis on different time frames perspectives.
For a better understanding of my bearish idea, have a read of my previous analysis:
Before focusing on the 1 hour chart, let’s have a quick recap on the 4h timeframe:
The market performed a strong bearish impulse, retracing back and consolidating around the 0.38% and 0.50% of Fibonacci, an area where the price usually takes a “breath”.
Back to the 1 hour chart:
The price is forming a symmetrical triangle pattern, it usually is a clue of market continuation, and considering the overall bearish market, there is a good possibility to see more continuation!
Before planning my short trade on this position, I will be waiting for a breakout to the downside of the pattern, a retest of the local level and a good entry point with a RRR of 1:2 or greater.
A breakout to the upside of the pattern and the resistance level, would invalidate this trade and no action will be taken on this market!
If you enjoy this trade idea, support my work with a thumb up and don’t forget to follow my profile for more detailed technical analyses!
Trade safe and responsibly,
Gianni
DISCLAIMER
Please note the views are not investment advice and should be used only for educational purpose
For a better understanding of my bearish idea, have a read of my previous analysis:
Before focusing on the 1 hour chart, let’s have a quick recap on the 4h timeframe:
The market performed a strong bearish impulse, retracing back and consolidating around the 0.38% and 0.50% of Fibonacci, an area where the price usually takes a “breath”.
Back to the 1 hour chart:
The price is forming a symmetrical triangle pattern, it usually is a clue of market continuation, and considering the overall bearish market, there is a good possibility to see more continuation!
Before planning my short trade on this position, I will be waiting for a breakout to the downside of the pattern, a retest of the local level and a good entry point with a RRR of 1:2 or greater.
A breakout to the upside of the pattern and the resistance level, would invalidate this trade and no action will be taken on this market!
If you enjoy this trade idea, support my work with a thumb up and don’t forget to follow my profile for more detailed technical analyses!
Trade safe and responsibly,
Gianni
DISCLAIMER
Please note the views are not investment advice and should be used only for educational purpose
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