Hi traders,
The EURUSD seems to be in wave (b) of Y of a potential double zigzag pattern.
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Price is currently retesting a key resistance that lined up with 61.8 FIb ratio, moving averages, and ascending trendline.
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Considering that prices have made a double top pattern and bearish rejection candles at the confluence level, the odds strongly favored a sell-off to the channel support @ 1.11037 area.
.
We will wait for the breakout of the double top neckline to confirm the sell setup.
.
Best of luck on the chart.
Veejahbee.
The EURUSD seems to be in wave (b) of Y of a potential double zigzag pattern.
.
Price is currently retesting a key resistance that lined up with 61.8 FIb ratio, moving averages, and ascending trendline.
.
Considering that prices have made a double top pattern and bearish rejection candles at the confluence level, the odds strongly favored a sell-off to the channel support @ 1.11037 area.
.
We will wait for the breakout of the double top neckline to confirm the sell setup.
.
Best of luck on the chart.
Veejahbee.