EURUSD bounced up very strong last weak, making a V shape low and pushing through the first resistance. It looks like it made a bigger inverse H&S, but the size of it does not feel right, the shoulders actually and the position of the H&S. At the moment it looks like it is making a wedge, on which we can trade on. the target where you see the blue line go. So mid-term it could still move higher, but could drop as well, don't know yet. So this will only be based on the possible wedge, could still make a bigger right shoulder for the inverse H&S
So keep an eye out for this one, see if it follows the wedge, try to get a good entry in the blue zone and i would use the red as a stop loss level. If it breaks the orange zone, the mid-term will probably be more upwards
So keep an eye out for this one, see if it follows the wedge, try to get a good entry in the blue zone and i would use the red as a stop loss level. If it breaks the orange zone, the mid-term will probably be more upwards
Kommentar:
The rally is too strong at the moment, so the wedge is not valid it seems, unless we see a quick drop back in the wedge again, than it could still be a false move. But wait for it, otherwise too much risk
Kommentar:
Even though the wedge didn't work out, i think it was a real one but the market was just too strong this time. It even tested it as a support after the break out. For me this means that i will keep en eye out on this one but wont trade it until a good setup appears.
Kommentar:
I dont like this bounce up at all, so the ones who got in you can still get out around break even. Seems bigger time frame it will form a bull flag