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On our market watch, today is EURUSD. The pair has formed ascending wedge (usually bearish), just below 100 SMA 1.0820 level, and is retesting broken multi-month wedge line. Also, we have an inside bar candlestick pattern formed on the daily chart. Inside bar patterns could be reversal patterns and also continuation patterns. Keeping in mind this strong confluence level and today’s price action we have early indications of the reversal pattern.
Possible trade strategy is to sell below 1.0720 with SL above 1.0820 level.
Happy trading! (click on the chart to enlarge it)
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