EUR/USD Fib 1.0618, End of correction??

Hello friends

The biggest loss is in the "range zone", where the trend is deciding to continue or change direction. And new traders get confused. I think the price is in this area.

On the weekly chart, the price trend formed a "Lower low" and I expected a "Lower High" formation as a pullback.

A pullback has formed and I expect the pullback to end and the price to drop for the following reasons:

Weekly time frame:
- The price reaches a strong resistance range
- reaching the 1.0618 Fibonacci resistance (which is an important resistance)
- Pinbar candle formation
- Stoch RSI: almost 80
Of course;
RSI and MACD still show no signs of slowing down

Daily time frame:
- Candle with long shadow on top
- RSI; About 70
- Stoch RSI; About 80
- MACD at the peak and tendency to decrease

4H:
- MACD; Divergence
- RSI; Divergence
- Stoch RSI; Almost 90

My target 1 : 1.0888
My target 2 : 1.0850
*** Of course, I will wait for the start of the trading week and get confirmation and then I will open a position

be profitable

* Thank you for expressing your opinion with likes and comments

עסקה פעילה

עסקה פעילה

הערה:

I expect a pullback in the price range of 1.09-1.091 (increase in price and forming a double top or head and shoulders)
And then I start the downward trend

Be profitable