Big S/R Flip on EURUSD!

20 Mar 2020

What a textbook Support / Resistance flip here on the 1.078 levels for EURUSD. An S/R flip is a “support / resistance flip.” That is, when support becomes resistance or resistance becomes support (when support and resistance flip).

I am bearish on EUR USD right now, but would like to bring this idea back to the community of Tradingview. How would you determine a level of take profit after a movement like this, where there is no obvious level of support nearby?


- Trading Guru

24 Mar 2020

Not

So far the patterns are exactly alike, we've seen the price drop below the horizontal zone, and bouncing back up. Now we see resistance for the price to be pushed even higher, leading to a crucial decision moment:


EURUSD has to choose now whether to break through the resistance or to continue a downtrend.