EUR/USD trend weakening (1D timeframe)
It appears that the EUR/USD trend is finally weakening, going for one last retest of the broken support lines.
Will this be a fake-out, or does this cross of the trendline signal the incoming bears taking control?
I will be watching what it does between the 0.5 and 0.618 Fibonacci levels, because it might potentially create a head-and-shoulder pattern.
My suggestion:
- Wait for the price to retrace to the area between Fibonacci 0.5 and 0.618 (around the 1.19000 level)
- Wait for a clear bearish candlestick pattern to form
- If it does, place a sell with the stoploss above the pattern, and take-profit slightly above the 1.15000 level.
And always keep in mind:
- Make your own analysis before placing the trade.
- I am not responsible for anything you do.
- Never risk more than 2.5% of your account on a single trade!
Happy trading!