EURUSD Rising Wedge & RSI Divergence Signal Possible Sell Entry

Welcome traders!

Analysis of #EURUSD

I've identified a potential sell opportunity on EURUSD. The market has been respecting a strong supply zone, with a decline of over 500 pips previously. Additionally, we have a rising wedge pattern with an RSI divergence, which is usually a bearish signal. To top it off, the pattern completes near the supply zone, which is also a key resistance level at 1.1000.

One possible way to trade this setup is to wait for a confirmed we are turning bearish, a clear rejection of the supply zone. Then, we could enter a sell trade targeting the next level of support. As always, it's important to manage risk and use appropriate position sizing.

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Komentarz:

the market still respects the upward channel support and resistance, with clear RSI divergence, just near a key resistance level at 1.1000, this could be a false s signal because of the holidays we had and the market is on low liquidity waiting for the release of major news in the coming days such

FOMC Meeting Minutes
PPI
Retail Sales

Komentarz:

broke structure, not confirmation