The EURUSD has rallied for several sessions and formed a rising wedge formation while the most recent price action formed a bump and run formation which is soon to be reversed as the rise is not sustainable. The break-down should be as violent as the advance was. MACD has showed strong momentum, but ran out of steam as it topped out and could not confirm the latest advance. It does remain positive which makes this trade more risky. RSI has indicated a negative divergence as well as an overbought condition after it already broke...
The EURUSD launched a sharp rally over the past few sessions and formed a very narrow rising wedge formation as visible on this H4 chart. The latest candlestick pattern formed a spinning top formation at resistance from the rising wedge formation and indicates a change in trend is imminent. Expect a rather violent break-down of price action which could lead to a 400 pip correction. MACD has weakened drastically and has not confirmed the most recent leg up while it flirts with a break-down from bullish momentum to bearish...
The EURUSD has launched a strong rally after hitting its 200 DMA and formed a rising wedge formation as visible on this H4 chart. The last ten candlestick formations have indicated that the rally lost its steam and has formed a new temporary top. We expect this pair to start a correction and bearish pressures to cause a breakdown of the formation amid heavy profit taking. MACD has indicated the top and failed to confirm the new highs while RSI has been trading in extreme overbought territory which it will not be able to hold...
The EURUSD has been correcting in a well-established bearish price channel as visible in this H4 chart. The bearish chart pattern has been very strong and not violated while price action is currently centered on its descending support level. The last six candlesticks suggest this currency pair is attempting to form a bottom at 2013 lows from where we expect it to move higher and keep the chart pattern intact. MACD has confirmed the bearish chart pattern which points to potential future weakness. The rally which will be initiated...
Should price action EURUSD remain inside the 1.3730 to 1.3780 zone the following trade set-up is recommended: Timeframe: H4 Recommendation: Long Position Entry Level: Long Position @ 1.3730 Take Profit Zone: 1.3910- 1.3950 Stop Loss Level: 1.3640 Should price action EURUSD breakout above 1.3780 the following trade set-up is recommended: Timeframe: H4 Recommendation: Long Position Entry Level: Long Position @ Retracements in the trend; buy orders during dips Take Profit Zone: 1.3910- 1.3950 Stop Loss Level: 1.3640...
