what we have here is a euro dollar chart that has been on a uptrend since the 12th of November 2017. we have witnessed four retests on the trendline one at 1.15522, two retests at the 1.17000 region before continuing with the pretermined uptrend. the fourth bounce has been witnessed at 1.22412.
throughout this period we have witnessed some consolidation between 1.22412 and 1.25522 and witnessed four retests on the horizontal trendline, the markets closed on Friday night and the price action is situated at 1.23530.
what I expect to see is bearish movement especially after the double top formation, we have also had three retests on the downtrend trendline and I now wait for a trendline break between 1.23000.
going short is my call.
throughout this period we have witnessed some consolidation between 1.22412 and 1.25522 and witnessed four retests on the horizontal trendline, the markets closed on Friday night and the price action is situated at 1.23530.
what I expect to see is bearish movement especially after the double top formation, we have also had three retests on the downtrend trendline and I now wait for a trendline break between 1.23000.
going short is my call.