Dear traders, In EUR/USD there is a double top pattern created. For all those who don't know about the double top, it is a pattern that is formed in an uptrend indicating a trend reversal and a move down. I have marked the two tops that are almost at the same level with two shaded eclipses. THe red zone that you are looking at is the neckline of double top. When this breaks it confirms that the market is following double top. Currently in H4 it has broken. But we have to wait for a confirmation that it is not a fake out. We have to wait for 3 to 4 candles more in h4 and meanwhile check it in h1 to see if the breakout is complete. If we get a retest and a signal then we will sale EUR/USD with our take profit in the green zone. Fibonacci Retracements also show the same target. THe stop loss will be updated later. I will update you if I get the Retest signal. Currently I have not placed the trade yet. I am waiting for the confirmation. if I get that I will be selling.
NOTE: This is just my view. I am not suggesting anyone to follow it. Its my point of view. Follow at your own risk. THis is jsut for learning purposes.
NOTE: This is just my view. I am not suggesting anyone to follow it. Its my point of view. Follow at your own risk. THis is jsut for learning purposes.