Looking for short term retracement given markets overall current position and taking into account it has rallied we have seen an ABCD completion and rejection of major resistance we should see some sort of correction. Looking at this potential sort of move T1 74.50 where we could form a potential HEAD AND SHOULD with a push lower towards the 74 mark.
Hi everyone here is my analysis for EURJPY:
Ultimately we have been consolidating for the past 4 weeks! This gives an indication that we are setting up for a big move either to the upside or a push back down. Please see my chart for both potential scenarios there is evidence to support both theories.
So potential short term sell here if you wanted to be aggressive with your trading you could wait for a break of a HS pattern for a re test of the lows.
Ultimately we are in CONSOLODATION!! RSI is showing some hidden divergence so tight stops are essential
We are sitting around a 618 fib level from A 1W perspective so I would expect some sort of...
Price has started to break down we seen strong bearish momentum with yesterday candles close. Price put in a strong rejection at previous resistance zone and is currently sitting under the 89EMA. What we can now expect to see is price continue breakdown further. RSI is starting to show some minor divergence and price now has the potential to put in a...
Overview: Price has put in a double bottom at a level of support which dates back to 2019. We are currently still overall in a bullish uptrend. I do think price has the potential to possibly put in a triple bottom or push a little lower but overall we should see a rejection at this area if price is to continue upward.
- Hidden bullish...
Overview: What we can expect to see here is a potential short term sell following the completion of an AB=CD pattern on the 4hr chart as seen below we have broken to the upside of a descending triangle which shows us bullish momentum is present still. We could see a short term sell off in the resistance area marked before a push back up to re test the highs....
Overview: Price has put in a deep retracement although we have not tested the most recent level of resistance we are at a historically significant AREA of resistance. Price could have a significant pullback stops and targets placed the markets are extremely volatile!
Technical analysis :
- Price rejection 618 fib retracement
- High momentum bear candle
EUR is currently sitting In a wedge formation (a) looking to see how the market reacts at the zone circled (b) a high probability area to see some reaction you have a strong level of resistance marked in blue if this level is broken I would then wait to see if we get a breakout of the wedge which would bring us to next level of resistance (c). Alternatively we...
First target area around the 37 mark where I will wait to see how the market reacts a break of that level would then follow on to the 35 mark we could get a deep pullback at 37 so I will wait for confirmation
Looking at another push to the downside. We have just seen a strong rejection at multiple levels of resistance. Trend has been broke we a high momentum candle and a flag is now forming on the 1hr.
Targets : T1 @ 65 T2 @ 60
Further breakdown in comments below.
* Entry :
(1) GBP showing weakness across the board
(2) Break of trend market is still overall bearish on higher timeframe
(3) Double Top
(4) RSI Divergence (market has been trending up and RSI in the opposite direction)
(5) Market has now come to 618 retracement (strong level of resistance)
(6) Combined with structure
* Stop : ATR based stop or above the highs...
Try and catch the wave!.. This is my thoughts on possible price projection in the coming week. Momentum is high! EUR had a rally last week and has now reached a significant level of resistance + the almighty 618 fib when you couple these factors together the market will more than likely see some pullback (might not) but probably will (maybe) (maybe not) but should...