During this period of weakness for dollar, buyers have succeed to push price to 1.41500 lvl and tried to break the last ATH but failed miserably, as the daily bearish engulfing can attest it.
bearish engulfing pattern is a high profitable trend reversal setup which consist in an attack of bears leading them to take control over the market.
This is very important since this is also the level where the point D of the harmonic bat was reached, and that mean it confirmed it. bearish engulfing gives bearish momentum and bearish bat gives bearish indication.
but thats not all! We can notice there is a kind of confluence of point D since there was also the ABCD pattern completing from here.
Hence we can definitely call this level of 1.41500 a solid PRZ.
Taking into consideration all of these elements, is giving us this high profitability setup therefore taking this short entry is a good opportunity to enjoy the next fall. the optimal entry zone will be at the retest of the bearish engulfing (little white circle)
Targets are on chart, the first one is at 1.38500 and the second is at 1.37000.
bearish engulfing pattern is a high profitable trend reversal setup which consist in an attack of bears leading them to take control over the market.
This is very important since this is also the level where the point D of the harmonic bat was reached, and that mean it confirmed it. bearish engulfing gives bearish momentum and bearish bat gives bearish indication.
but thats not all! We can notice there is a kind of confluence of point D since there was also the ABCD pattern completing from here.
Hence we can definitely call this level of 1.41500 a solid PRZ.
Taking into consideration all of these elements, is giving us this high profitability setup therefore taking this short entry is a good opportunity to enjoy the next fall. the optimal entry zone will be at the retest of the bearish engulfing (little white circle)
Targets are on chart, the first one is at 1.38500 and the second is at 1.37000.
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