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-On a daily chart, we can see that the price reached the supply area, and then the price formed a double top pattern which is a very good reversal signal.
-We can also see that the price is still in an ascending channel but we can notice that the price touched and rejected the upper trend line of the ascending channel
-If the price breaks the lower trendline of the ascending channel we can also looking for a short position on this pair because we can also see that the price formed a triangle pattern so we can wait for the breakout.
-The price also formed a shooting star pattern which is also a signal that the bulls are losing control and that the bears are gaining some power in that area.
-The Stochastic indicator is showing us the bearish regular divergence and that is also an extra confirmation to take a short position to this pair.
-Before taking action in Forex, please check the economic calendar and currency strength meter.
-WHAT DO YOU THINK ABOUT THIS SETUP?
Please let me know in the comment section!
THANKS FOR READING!
-If you have some different opinions please let me know and if you like this please hit that like button and give me support, I will appreciate every support.
-Remember this analysis is not 100% accurate. No single analysis is. To make a decision follow your own thoughts. The information given is not Financial advice.
-On a daily chart, we can see that the price reached the supply area, and then the price formed a double top pattern which is a very good reversal signal.
-We can also see that the price is still in an ascending channel but we can notice that the price touched and rejected the upper trend line of the ascending channel
-If the price breaks the lower trendline of the ascending channel we can also looking for a short position on this pair because we can also see that the price formed a triangle pattern so we can wait for the breakout.
-The price also formed a shooting star pattern which is also a signal that the bulls are losing control and that the bears are gaining some power in that area.
-The Stochastic indicator is showing us the bearish regular divergence and that is also an extra confirmation to take a short position to this pair.
-Before taking action in Forex, please check the economic calendar and currency strength meter.
-WHAT DO YOU THINK ABOUT THIS SETUP?
Please let me know in the comment section!
THANKS FOR READING!
-If you have some different opinions please let me know and if you like this please hit that like button and give me support, I will appreciate every support.
-Remember this analysis is not 100% accurate. No single analysis is. To make a decision follow your own thoughts. The information given is not Financial advice.