Looks like we are reaching a point from which we can jump to the long position.
In the Daily graph you can see a similar pattern in 6.1.2023 when price bounced up from EMA50 high.
That region corresponds to the H4 EMA200 bounce from 6.1.2023. So for me it is a clear long setup.
TP1 at 1.08451
TP2 at 1.10000
For long term players put TP higher. I am conservative player.
Looks like a good opportunity to jump in a long position to go to the top of the trendline.
But, better is to wait till the top trendline and then go short.
Channel is from monthly TF so that could be very strong rezist/support, which can price accept.
Every color in my graph represents specific TF. Starting from left to right Monthly, Daily, H4, H1, M30,... Red...
H1 TF.
Nice example where is good to wait until retest at 1.09306. Or around that value, price need to test EMA. In Daily TF you can see that price get to the point from where is way to little down.
Then nice short possibility is there.
TP1 is in 1.08451
TP2 is in 1.07728
For sure pay attention on level 1.08000 as it is round number and some orders can be there...
Channel created and now looks like going down. In good small angle, so probability to be in that channel in downtrend is high.
Trend angle -3 °. Trendlines are in parallel.
If there is a head and shoulders pattern forming on the EURUSD chart and there is also a bearish divergence in the relative strength index (RSI), it may be a good idea to consider selling the EURUSD forex pair and setting a take profit order at 1.06160.
To sell the EURUSD pair, you can place a sell order with your forex broker. You may also want to set a stop...
