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Cup & Handle- the handle and highlighted price rejection from Resistance key level, show possible downtrend to Fibonacci retracement levels .This downtrend can take from days to weeks before moving up, so patience.
Once that pullback is completed we can expect uptrend towards resistance levels again since this pattern is considered bullish. It is best to wait for confirmation before taking any direction here.
It is also important to observe that the simple moving averages 21/50/200 are below the candlesticks, showing another sign of possible uptrend.
Currency correlated pairs to compare and contrast: Nikkei; EURUSD; USDCHF.
Trade responsibly and remember this is for educational purposes and not financial advice.
Cup & Handle- the handle and highlighted price rejection from Resistance key level, show possible downtrend to Fibonacci retracement levels .This downtrend can take from days to weeks before moving up, so patience.
Once that pullback is completed we can expect uptrend towards resistance levels again since this pattern is considered bullish. It is best to wait for confirmation before taking any direction here.
It is also important to observe that the simple moving averages 21/50/200 are below the candlesticks, showing another sign of possible uptrend.
Currency correlated pairs to compare and contrast: Nikkei; EURUSD; USDCHF.
Trade responsibly and remember this is for educational purposes and not financial advice.
