EUR/USD T1 Pattern in Progress

2 min read
tarantula fx

tarantula fx

Head of Trading

The EUR/USD proceeds with downtrend as the price is rejecting 1.1805 zone with both daily and h4 time frames aligned

The EUR/USD has formed a T1 pattern close to W L5 support and below the M L4 pivot. I usually don’t trade when this happens (the price is way too low) but due to strong RSI and Daily pointing downward, I assumed that the pattern is valid. Scaling out is always recommended as the full price target potential is 1.1738-20 zone. Once there we should see a counter trend bounce.

Good trading,
Nenad Kerkez aka Tarantula FX

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