EU Double Top Breaks Rising Support, 300+ Pip Sell Set-Up!

21 Okt

Here I have EURUSD on the Daily Chart!

After last weeks Double Top was Confirmed, we see Price make a Bearish Break to and through the Rising Support created by the April, June and August Lows.

-The Testing Candle alone generates ~500K in Selling Volume making the Rising Support weak enough to then Break Down to where price sits now.

Applying the Fibonacci Retracement Tool from the Higher High @ 1.12138 to the Lower Low @ 1.08107, we can see a couple things:

*23.6% Level sits right at the 200 EMA which is curving down and Price is now trading Below
*38.2% Level sits right in the center of the Resistance Zone created from the March Highs
*50% Level is at the Higher Low that was Broken to Confirm the Double Top

I suspect that Price will need to Retest the Break of Rising Support before it can continue to Push Down!

Potential Set-Up: Sell Entry
1.09058 (23.6%) - 1.09647 (38.2%)
SL - 1.10112 (50%)
TP - 1.0665