EURUSD POSSIBLE SETUPS
EURUSD price has been in an UPTREND since March 2020 until now, following top down analysis price been trading above the multi-year WEDGE PATTERN since july, we've this kind of BULLISH FLAG forming up on the 4H chart which i outlined on my mark up, price has been trading inside the said FLAG since we broke above the multi-year WEDGE PATTERN.
Last week price broke below a minor support zone inside the BULLISH FLAG @ 1.1700 with retest holding, i will be looking out for the retest of the zone to hold to set price lower targeting the lower ray line of the BULLISH FLAG @ 1.1550 zone.
Maybe when price eventually get there, we will be looking out for price action in the zone, maybe the zone will hold with rejection to set price back up which will indicate the third touch of the lower ray of the FLAG.
It also worth to know that the zone of the possible third touch talked about above also align with the retest of the upper ray line of the multi-year WEDGE PATTERN price is trading above on the monthly and weekly timeframe.
Last week price broke below a minor support zone inside the BULLISH FLAG @ 1.1700 with retest holding, i will be looking out for the retest of the zone to hold to set price lower targeting the lower ray line of the BULLISH FLAG @ 1.1550 zone.
Maybe when price eventually get there, we will be looking out for price action in the zone, maybe the zone will hold with rejection to set price back up which will indicate the third touch of the lower ray of the FLAG.
It also worth to know that the zone of the possible third touch talked about above also align with the retest of the upper ray line of the multi-year WEDGE PATTERN price is trading above on the monthly and weekly timeframe.
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