After the Euro
has formed its High after the big rally, it created a double top
also known as a reversal indicator. Looks like it has found a support level
@1.2212 level. A good possibility for potential entry is if this pair makes its way back to the resistance level
of 1.2394 which is also a selling opportunity. The 2618 Pattern recognizes the 61.8% level as a high probability bear signal. Which is in confluence with the resistance level
signifying the strength of this level and perhaps its magnetic capabilities to draw this pair back up to this level. Time will tell of the opportunity we see, patience is key. Perhaps if the market moves in extremely predictable moves we can even draw a bull position up to these levels to snag extra profits. However as we all know the market has a tendency to surprise us in its movements and this is no exception, even though the set up is quite beautiful if filled. Keep an eye out!
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