EURUSD possible correction to 1.205
#EURUSD:
(1D):
Recently, we saw an explosive break to the upside, which followed the long period of sideways consolidation. As the main trend is bullish since May, i'm still looking for bullish opportunities only (confirmed by market structure and price > 200 EMA)
(4H):
A closer look reveals what triggered the explosive breakout, namely an ascending triangle, followed by a clear series of HHs and HLs. Looking at the steep slope of the uptrend though, a correction to 1.205 seems reasonable.
(1H):
Indeed, switching to the 1H, we can see that a double top formed, giving hints of short term downside movements. However, as my overall bias is bullish, i'm looking for a buy opportunity at the end of the correction.
(1D):
Recently, we saw an explosive break to the upside, which followed the long period of sideways consolidation. As the main trend is bullish since May, i'm still looking for bullish opportunities only (confirmed by market structure and price > 200 EMA)
(4H):
A closer look reveals what triggered the explosive breakout, namely an ascending triangle, followed by a clear series of HHs and HLs. Looking at the steep slope of the uptrend though, a correction to 1.205 seems reasonable.
(1H):
Indeed, switching to the 1H, we can see that a double top formed, giving hints of short term downside movements. However, as my overall bias is bullish, i'm looking for a buy opportunity at the end of the correction.
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