Long term view EURUSD
In the monthly timeframe downtrend line is broken. And in the weekly timeframe 1.1610 acted as a valley and supporting area and price is forming a new uptrend. In D1 after we reached 1.2170 price started going down maybe to reach 23% Fibonacci retracement.
In the H4 after forming a top @1.2173 and after that a shooting star with a high @1.2162 a downtrend was formed and today the price confirmed it @1.2147.
As I see the market in the short term (H1) It seems to me a triangle pattern is forming.
We may reach the 23% Fibonacci retracement support level and if we get enough support from buyers, we will expect resumption of the up trend.
My trading suggestion is setting pending buy limit orders @1.2040 and target@1.2170
In the monthly timeframe downtrend line is broken. And in the weekly timeframe 1.1610 acted as a valley and supporting area and price is forming a new uptrend. In D1 after we reached 1.2170 price started going down maybe to reach 23% Fibonacci retracement.
In the H4 after forming a top @1.2173 and after that a shooting star with a high @1.2162 a downtrend was formed and today the price confirmed it @1.2147.
As I see the market in the short term (H1) It seems to me a triangle pattern is forming.
We may reach the 23% Fibonacci retracement support level and if we get enough support from buyers, we will expect resumption of the up trend.
My trading suggestion is setting pending buy limit orders @1.2040 and target@1.2170
