EURUSD was in a steep uptrend but it might stop with this recent break through the uptrend. A break like this one on a strong trendline that had multiple touches, indicates either a potential reversal or major pause in the trend. This candle that broke the trendline signals the first hint of structural change.
I will be waiting for a retest and look to get involved in a short setup.
Ideally, what I look for in retests is to be met with a confirming candle. This would confirm the sellers have taken over and validate the change from uptrend to potential downtrend or consolidation phase.
My target would be around 1.1500.
Just sharing my thoughts for the charts, this isn’t financial advice. Always confirm your setups and manage your risk properly.
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
I will be waiting for a retest and look to get involved in a short setup.
Ideally, what I look for in retests is to be met with a confirming candle. This would confirm the sellers have taken over and validate the change from uptrend to potential downtrend or consolidation phase.
My target would be around 1.1500.
Just sharing my thoughts for the charts, this isn’t financial advice. Always confirm your setups and manage your risk properly.
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
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