EURUSD now on H4 correction while higher timeframe is still bullish. Price likely to re-test 1.0964 or below before making another attempt to rally. GBPUSD which is now bearish on daily is a major risk for EUR. In such case, there will be a risk reversal at a shallow level at 1.11569.
I assume the exchange rate will continue to rise north. The analysis shows that a 1: 1 fractal structure is being constructed. In this case, the further increase may be 1.1%.
If you look at the EURUSD exchange rate movement curve, you can see that the exchange is building a symmetric fractal wave around the MA50 and MA100 curves. Therefore, I assume that the decline may end slowly, with the exchange rate turning north again. In this case, I expect another 2.7% increase. The target price is 1.12930.
Need msb before looking for shorts. 3rd tap on the weekly bearish channel. D1 price action looks nice for a short but we are still in an up trend until we create a lower low. If we fail to close below the D1 swing we could see one more stop hunt.
As we forecast uptrend for this day, so Forecast City suggests buy (limit) above S1=1.1125.
But the short term forecast is range bound, so we expect to reach the following targets:
TP3: R1=1.1175.
TP4: R2=1.12.
Set the stoploss of these orders at breakout of S2=1.1115.
Stop and reverse:
If trend gets reversed, sell (stop) orders will be opened at breakout of...
I start from the fractal rule that at different significant levels the same fractal shapes can develop in the movement of the exchange rate. In the present case, the moving average MA (100) and moving average (MA200) axis line phenomenon is similar. We trade this. Note: The previously published short position EURUSD was manually closed for a small profit.
The most traded currency pairs in the world are called “the Majors” and the EURUSD leads this group as the most traded pair in the world. This pair represents the world two largest economies and has faced most volatility since the inception of the euro in 1999.
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