Welcome traders to a free analysis breakdown.
Today I am highlighting possible trade ares on EURUSD, if you any questions on the pair let me know in the comment section below.
Once the pair gives us a valid trade entry I will be sharing the trade with the Alpha community, I hope you all found this breakdown helpful .
If you liked this free educational please...
1.16000 is a key level that will be used as a springboard for the bulls to push price higher and higher. If you go on the monthly chart and mark this level on the chart you will see why. I am also expecting USD weakness as DXY is at a lovely resistance level also which adds confluence (another reason) for me to take this trade.
If you want to know more about my...
The support for the pair is very strong which has many touches before.
The Double top pattern has been formed on the 1 hour chart and now will reverse on the Support.
This is not a recommendation and do not take any responsibility for your trades.
Yesterday I said that my bias on EurUsd changed to bearish and spoke about a potential target of 1.18.
This target was reached just now and considering the strong support under 1.18 I expect a rebound. O the other hand the old 1.18-50-1.1860 resistance should be well defended by bears and here is where I will look for selling opportunities.
A potential target can...
Don't actually do that LOL
I am convinced that this is a strong setup though, On the 4H we can see price broke through resistance and has now come back down to test it as support before bulls step back in and push price higher. On the monthly timeframe price broke through a trendline and has just come down to re test that as support and also price is at strong...
1st target 1.17000 as you can see its a great support zone and a nice round number! This price is still 80 pips away, my TP2 will be a lot deeper as i am holding it as a swing trade.
Again see how simple my chart is, see how you cant confuse yourself with charts like this? This is my advice for new traders... KEEP IT SIMPLE! I do have a lot more advice if you...
EURUSD has failed to break out the 1 hr trend line hence, going short for this trade for an hour. Hopefully the trend will go down until it reverses on the support line from 4 hr chart.
This analysis is not a recommendation, this is just an idea and do not take any responsibility for profit or loss.
GBPUSD and EURUSD tend to follow similar patterns as they correlate together
I am anticipating price testing hourly support before shooting off to a weekly resistance level
The 50MA will be tested and then price should bounce off of it.. I will look at the 15m chart for entry
With the drop of the GBPUSD the EURUSD will follow, the correlate quite nicely together and the GBPUSD usually moves first.
I see alot of divergence on the 4hr and daily timeframes which signals that a significate change in the market is coming, but before entry I will wait for price to break its trendline and support.
Then we will trade to the next level of support