Good afternoon all,
I hope you are well and ready to start another week.
I am currently looking at this currency pair forecasting a sell.
My reasons to enter:
1. Price failed to stay at the current Resistance line and headed back down.
2. Price formed a Head & Shoulders pattern
3. The pattern sits right above the previous Minor Resistance which turned Support
4. The right shoulder is a proof of exhaustion as the price could not push any higher.
Check correlated pairs as this might not be the only one heading down!
Please comment and share if you would like more detailed analysis like this one.
Always carry out your own analysis before taking any trades and be sure of using risk management at all times. Those posted are personal ideas and not financial advice.
I hope you are well and ready to start another week.
I am currently looking at this currency pair forecasting a sell.
My reasons to enter:
1. Price failed to stay at the current Resistance line and headed back down.
2. Price formed a Head & Shoulders pattern
3. The pattern sits right above the previous Minor Resistance which turned Support
4. The right shoulder is a proof of exhaustion as the price could not push any higher.
Check correlated pairs as this might not be the only one heading down!
Please comment and share if you would like more detailed analysis like this one.
Always carry out your own analysis before taking any trades and be sure of using risk management at all times. Those posted are personal ideas and not financial advice.