Hello all,
Based upon this rising wedge on the daily timeframe we can see a horizontal support has to fail before we will sell this pair.
The earlier resistance might act as support, therefor we wait until the setup becomes mature. We already have seen a bearish marubozu candle on the 4H and combined with the earlier rally this is called bearish engulfing.
For now this is surely one to keep an eye on. This setup is only our first shot, we have much deeper targets to get hit.
Good luck
Based upon this rising wedge on the daily timeframe we can see a horizontal support has to fail before we will sell this pair.
The earlier resistance might act as support, therefor we wait until the setup becomes mature. We already have seen a bearish marubozu candle on the 4H and combined with the earlier rally this is called bearish engulfing.
For now this is surely one to keep an eye on. This setup is only our first shot, we have much deeper targets to get hit.
Good luck