EURUSD SELLS BIAS !

2023年12月17日

The market closed on Friday with the formation of what looks like a potential head and shoulders obvious on lower timeframes (M15-H1). On H4, price is actually declining/descending from a weekly high attained last week, where it created an equal tops with last 3 weeks or what you can call M-pattern/double top. Meanwhile, the potential head and shoulders pattern that's seen on lower timeframes is being formed on the second leg of the M-pattern/double top. This means that if this pattern is to be respected and if the double tops on H4 is to be respected (at least to test the neckline), then there is a potential bearish sentiment as the market opens for this week. There may likely be a short term sells at least up to the neckline zone of the double tops (ie. between 1.08000 and 1.07398) and may likely push down to 1.06459.
However, this is my bias, and it's based on pure technical analysis. You can incorporate whatever fundamental analysis and data you have.
If you must trade this pair from Monday as the market opens, consider looking out for short term (few hours) selling opportunities as a day trader, using the above analysis and set up after any other personal confirmations.
There is also a similar set up on GBPUSD as a correlating pair and as seen from M15-H1.
Let's watch out to see how it plays out.

NB: Proper risk/money management, patience, discipline and re-analysis must always be adhered to.