Two weeks ago I started trading fx with a demo account after being trough most of the babypip school. I have some questions about the latest move on the EURUSD.
When we look at the H4 chart, we see the 100SMA dives below the 200SMA. This is a bearish indicator.
Furthermore, on the daily chart, the EURUSD dived below the support line,
and I see a double top reversal pattern if I’m right. Also, the EURUSD broke trough the fibbonaci support line where the double top low bounced.
This is four time a bearish indicator. Yes, it went down, but not as much as I was guessing/hoping for.
Also, we now see a reversal trough the fibbonaci level again. Is this a fakeout? Am I too impatient and should I wait because the first break tends to be false?
Was this a test? Will it bounce down on the resistance which was the support around one week ago and go down again? Or will the uptrend for the EURUSD continue and was this a decent test of all the previous support levels?
I would be happy if some of you guys could give some critique on my analysis or come up with different analysis and a view what would be good bearish or bullish arguments.
Thanks a lot.