FOLLOW UP STRUCTURE | EURUSD

Tendency: Uptrend ( Bullish )
Structure: "W" Pattern forming | Double Bottom
Observation: i. Price begins a downtrend (XA leg), stops, and then reverses impulse trend at support zone @ 1.09900.
ii. Reversal to the upside is short-term as price retraces at the neckline zone @ 1.10900 only to stop again at support zone @ 1.09900 and reverses upwards.
iii. Formation of a second bottom confirms the Double Bottom pattern tendencies.
iv. Potential reversal forms as price sit above Moving Averages on lower time frames.
Trading Plan: BUY now or at the completion of correction with potential TP (100pips) and SL @ 1.10000/1.09700 zone.
Risk/Reward: 1/1
Potential Duration: 2 to 4 days

** Please note that Stop Loss is subject to individual risk appetite per trade and account size.

Watch this space for updates on lower time frames as price action is been monitored.


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