MikulovicFOREX

EURUSD: bearish set-up

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FX:EURUSD   Euro / Dollar AS
A bearish trending market is visualized by highlighting a parallel channel connecting the preceding swing highs and lows. A break of the upper range of the descending channel indicates momentum.

Trading in the direction of the trend, we wait for a pullback towards a fibonacci level. 38.2% and 61.8% is most often hit.
We want to look for something to confirm our idea and bias against market is actually in a pullback against the trend and the trend will soon continue again.

The blue trendline is used to indicate momentum, and can be used as a dynamic support/resistance indicator. A trendline is one of the best indicators simply because its a leading indicator, just like the parallel channel.

The red trendline is showing a hidden bearish divergence, price showing lower highs while the RSI is showing higher highs, and signals a trend continuation.

A final confirmation is made by using advanced patterns that have some fibonacci influence such as this bat pattern consisting of an alternate ab=cd of 1.618 with 61.8% confluence of a larger swing. This indicates a very overbought market. This set-up is a strong signal because prices often reverse from levels with such fibonacci confluence.
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