Basit-Abdul
Long

EURUSD - Possible BUY - Multiple Time Frame Confluence

FX:EURUSD   Euro / U.S. Dollar
Within the Daily time frame , we are able to see that a rejection has occurred whereby the lower wick of the bearish candlestick is in fact larger than the body itself- demonstrating that a strong rejection has occurred to the linear level. This point can be supported further when looking at the 4HR timeframe where further rejections have also occurred.

A BUY opportunity can also be justified at the fact that the pair is considerably low on RSI and is looking to gain back momentum. Currently we can also see that the Bears are returning into the market and this could enable the buying power to increase.

In terms of entry, ENTER NOW or wait for further Bullish Indication.
Trade active: Despite the shaky start and late entry, TP1 of 50 pips has been achieved. One more trade running for the swing with SL has being amended to break even.
Ah interesting idea! fundamentals of Europe (-27 score) are showing contractions, as well as the US (-4) showing similar characteristics.

I hold no bias on this pair, and fundamentally Europe is a lot weaker than the US right now. Good luck with this idea though basit! It's anybody's game at this level
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Basit-Abdul marcusraiyat
@marcusraiyat, Thank you Marcus for your fundamental input- Much appreciated. So far its good apart from the fact that market has been quite choppy for the last few hours - Just gotta wait and see what happens!! SL figures have been amended to break even. Hoping for the best!
+1 Reply
marcusraiyat Basit-Abdul
@Basit-Abdul fair enough, and no problem at all! yeah it's showing some signs of temporary resistance right now.
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