Disclaimer:
Any of the content presented on my page showing my analysis of the market is just that, an analysis which means this is my personal opinion of where the price is going to go. Do not by any means take this simple analysis for a reason to enter a trade, I am not presenting these analyses as a form of signals, simply a way to get feedback and opinions from others on how my trades look. Take this trade at your own risk, but know forex is a risky market that you can make a lot of money but can lose that money or even more just as fast, enter these markets with your own risk and good luck with your trading :).
Weekly Analysis:
In the previous few months price had been in a major down trend and there really has not been much rejection on this move downwards. There were a few pullbacks throughout this down move but, price had always shown who had more momentum, in this scenario the bears had more. You can see every time there was a pullback there was always a quick bearish move following closely after, this just confirms our theory of the bears being in control throughout that move. In the more recent few months, price has started to try and make a move to the upside with not too much success as of right now. Price had made a big bounce recently but has had a hard time breaking this 1.29100 area, but price is approaching this area again. We can see a big break of this zone and a big continuation move, but we would need to see more confirmation on lower time frames before thinking of taking a trade on this pair.
Daily Analysis:
On the Daily time frame, what I decided to do to make it a little easier to read is make the Daily zones marked in Red. This might help when trying to read the zone and trying to look further into the analysis. Even on the Daily timeframe you are able to see somewhat of a uptrend beginning to form, price is making higher highs and higher lows, except on December 7 where price had a big drop and closed below the most recent low. What leads me to believe that there is more momentum for the bulls and price might continue on after breaking this top zone is the fact that price had shot up instantly after this drop. Since that bounce we have had one test of the 1.29190 area which showed some rejection to the topside and left behind a big wick, but on December 17 price had a very convincing bullish engulfing candle. This shows that there is a lot of momentum for the bulls right now and price might try to make a break of this top weekly (black area).
Hourly Analysis:
On the Hourly time frame we can see price starting to break through this top zone after already breaking through the red daily zone. But, price is looking like it is having a hard time while trying to break it, it is already showing some weakness to the top side, but we can wait for a few more hours to show what price really wants to do and we can take a trade in the near future. As of right now, there is nothing to take and if we do take one right now, it will be really risky and might not make sense for some trading systems. I am going to wait for more confirmation and see what price wants to do if it decides to break this zone.
Thanks Again,
KeySlot
Any of the content presented on my page showing my analysis of the market is just that, an analysis which means this is my personal opinion of where the price is going to go. Do not by any means take this simple analysis for a reason to enter a trade, I am not presenting these analyses as a form of signals, simply a way to get feedback and opinions from others on how my trades look. Take this trade at your own risk, but know forex is a risky market that you can make a lot of money but can lose that money or even more just as fast, enter these markets with your own risk and good luck with your trading :).
Weekly Analysis:
In the previous few months price had been in a major down trend and there really has not been much rejection on this move downwards. There were a few pullbacks throughout this down move but, price had always shown who had more momentum, in this scenario the bears had more. You can see every time there was a pullback there was always a quick bearish move following closely after, this just confirms our theory of the bears being in control throughout that move. In the more recent few months, price has started to try and make a move to the upside with not too much success as of right now. Price had made a big bounce recently but has had a hard time breaking this 1.29100 area, but price is approaching this area again. We can see a big break of this zone and a big continuation move, but we would need to see more confirmation on lower time frames before thinking of taking a trade on this pair.
Daily Analysis:
On the Daily time frame, what I decided to do to make it a little easier to read is make the Daily zones marked in Red. This might help when trying to read the zone and trying to look further into the analysis. Even on the Daily timeframe you are able to see somewhat of a uptrend beginning to form, price is making higher highs and higher lows, except on December 7 where price had a big drop and closed below the most recent low. What leads me to believe that there is more momentum for the bulls and price might continue on after breaking this top zone is the fact that price had shot up instantly after this drop. Since that bounce we have had one test of the 1.29190 area which showed some rejection to the topside and left behind a big wick, but on December 17 price had a very convincing bullish engulfing candle. This shows that there is a lot of momentum for the bulls right now and price might try to make a break of this top weekly (black area).
Hourly Analysis:
On the Hourly time frame we can see price starting to break through this top zone after already breaking through the red daily zone. But, price is looking like it is having a hard time while trying to break it, it is already showing some weakness to the top side, but we can wait for a few more hours to show what price really wants to do and we can take a trade in the near future. As of right now, there is nothing to take and if we do take one right now, it will be really risky and might not make sense for some trading systems. I am going to wait for more confirmation and see what price wants to do if it decides to break this zone.
Thanks Again,
KeySlot
