Trade Idea: Will The Bears Push Price Lower At The Range Top?
Important note on charts:
It’s imperative to your trading success, you are trading with a broker that offers “New York Close Forex Charts” where each daily candle opens and closes at 5 pm EST. This is essential with trading price action correctly.
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All my trade setups provided, is not advice or a recommendation to trade or invest. It is solely for educational and general information only.
Don’t blindly buy or sell the Forex markets discussed in this trade setup. Do your own research and always be aware of the risks and rewards.
Potential Trade Setup: EURUSD sits in a sideways range with price approaching the range top
All charts I provide are of the Daily time frame unless stated otherwise.
Key Levels: Price has a support of 1.1110 and a resistance of 1.1263
Price Action Signal: Awaiting a retest of the range top for a reversal sell signal.
Chart Notes: Will The Bears Push Price Lower At The Range Top?
With a strong bearish bias that remains intact and currently price is now heading higher back into the range top..
Potential Trade Idea:
I am considering selling the EURUSD once again if the range top (resistance level) 1.1110 holds.
I will be looking for a strong bounce of this key level with a nice bearish reversal candlestick pattern.
The EURUSD has been in a long time bearish trend, with the swinging pattern with price making lower highs and lower lows.
If the range top doesn’t hold, the next area will be as noted on the chart. Where a bias change would occur.
This zone can also act as another reversal area with the trend. Once this zone and the trend line is broken then I will be expecting a trend reversal highly imminent.
I can’t stress enough here, that patient and discipline is the key to any successful trader.
Now is your turn:
How are you planning this setup? What are you looking for to catch the next bearish move with this pair? Just leave any question or comments below.
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