EURUSD Aggressive selling about to start.

8月13日

Just last week (August 05, see chart below), we stressed on the importance of the 1W candle closing following the break above the 13-month Lower Highs trend-line (top) of the Triangle pattern:

The week eventually closed in losses (red 1W candle) and below the Lower Highs, which gave a bearish signal upon a technical rejection. This is a Double Higher High rejection similar to June 04, which initiated the previous Bearish Leg towards the Channel's bottom (Higher Lows).

As a result, we believe that it is still early to make a sell entry and target 1.07500.


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