Hello all,
For the past 5 months this major has been falling in a falling wedge pattern.
Now the price is fluctuating at the structural support zone. One can say that
this is obvious bullish reversal, however if we look at the 1D time frame then
the double top pattern is quite clear and the price has already fallen below
the neckline. Thus there are high chances for a bearish continuation.
We need to look at how price will react to the 1.15318-1.15710 structural
support zone. Both possible scenarios are illustrated.
Disclaimer: Any risk related to trading this pair is solely on you. Please, think thoroughly before making a trading decision. Cheers!
For the past 5 months this major has been falling in a falling wedge pattern.
Now the price is fluctuating at the structural support zone. One can say that
this is obvious bullish reversal, however if we look at the 1D time frame then
the double top pattern is quite clear and the price has already fallen below
the neckline. Thus there are high chances for a bearish continuation.
We need to look at how price will react to the 1.15318-1.15710 structural
support zone. Both possible scenarios are illustrated.
Disclaimer: Any risk related to trading this pair is solely on you. Please, think thoroughly before making a trading decision. Cheers!