EURUSD needs to break below 1.1750 to confirm a reversal

1 ก.ย. 2020

EURUSD prints fresh highs around 1.2010 levels today before pulling back. It is trading around 1.1970/75 for now carving a potential shooting star candlestick pattern on the 4H time frame. Probabilities remain high for a bearish reversal from here but only a break below 1.1750 would confirm. The rally from 1.0636 has unfolded into 5 waves and might be close to terminating, as bears prepare to take control back from here. A minimum drop towards previous Wave 4 termination cannot be ruled out. Upside, if at all, remains limited.

Aggressive traders may remain short, stop @ 1.2100, target is open.

Risk Disclaimer:

Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.