In yesterday's analysis, I discussed about waiting for some sort of exhaustion sign for further bearish continuation towards the Launch zone (1.1960 area), setup was invalidated as there's a deep pullback. In today's trading session, I will remain neutral bias. There are two setups that I'm looking at
1. The way price reacts at the bottom band of the flag pattern is crucial, If there's a rejection that could send EU back towards the 1.2030 minor support zone (Bearish)
2. If price violate the bottom band/ break above it, that'd invalidate the short setup.
The overall trend on the higher timeframe remains bullish, what I'm looking at is some short-term bearish sentiment in the market.
Trade safe.
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1. The way price reacts at the bottom band of the flag pattern is crucial, If there's a rejection that could send EU back towards the 1.2030 minor support zone (Bearish)
2. If price violate the bottom band/ break above it, that'd invalidate the short setup.
The overall trend on the higher timeframe remains bullish, what I'm looking at is some short-term bearish sentiment in the market.
Trade safe.
Do follow my profile for daily fx forecast & educational content.