Another interesting repetitive pattern is about to take place.
In late June, just like in early November, EURUSD established a strong bearish trend and fell from the top of a major falling channel.
The price found support and retraced which led to a range.
As seen in the previous pattern, the range consisted of 2 bullish waves before it resumes the major bearish trend.
As of current, the price has found support at the bottom of the current range and has started to show signs of a rebound.
For day trader, look for buy opportunity at the current low and aim to take profit near the range high.
Otherwise, wait patiently for the 2nd bullish wave to form and look for sell opportunity at the range high, preferably between 1.1066 to 1.1095
In late June, just like in early November, EURUSD established a strong bearish trend and fell from the top of a major falling channel.
The price found support and retraced which led to a range.
As seen in the previous pattern, the range consisted of 2 bullish waves before it resumes the major bearish trend.
As of current, the price has found support at the bottom of the current range and has started to show signs of a rebound.
For day trader, look for buy opportunity at the current low and aim to take profit near the range high.
Otherwise, wait patiently for the 2nd bullish wave to form and look for sell opportunity at the range high, preferably between 1.1066 to 1.1095
