This is really not a set up I would trade myself because I like to look for a clear trending market with clear swing levels. EURUSD still looks choppy but has some confluences which have gained my attention.
First of all, we hit and reversed at a major flip/resistance zone. From here, it seems we have created a head and shoulders pattern, which again, shows a transition from one trend to another.
We then had a daily close today below another major flip zone, and below the neckline of the head and shoulders pattern.
Lastly, we have had a trendline break, which adds to the confluences. Overall an interesting trade.
1.10 is an important support psychological level, but in terms of actual major flip zone, 1.08 can be targeted for much later.
First of all, we hit and reversed at a major flip/resistance zone. From here, it seems we have created a head and shoulders pattern, which again, shows a transition from one trend to another.
We then had a daily close today below another major flip zone, and below the neckline of the head and shoulders pattern.
Lastly, we have had a trendline break, which adds to the confluences. Overall an interesting trade.
1.10 is an important support psychological level, but in terms of actual major flip zone, 1.08 can be targeted for much later.
