Looking at EurUsd, we could be seeing a potential reversal setup. Looking at the larger timeframes, price is in a bearish downtrend channel. I've created a non-horizontal resistance/support levels to use for context. Price is currently sitting at the monthly non-horizontal resistance level, signaling long-term sell opportunities.
Scoping into the 4H, we could see that price is having difficulty to try and break the current resistance level. This cease of creating new higher highs could signal to us that our reversal could be coming soon. If price drops below the current support level and begins to create some downtrend structure, we could start changing our bias to bearish. But just patience to wait and see what she does for now.
Scoping into the 4H, we could see that price is having difficulty to try and break the current resistance level. This cease of creating new higher highs could signal to us that our reversal could be coming soon. If price drops below the current support level and begins to create some downtrend structure, we could start changing our bias to bearish. But just patience to wait and see what she does for now.