EURUSD Trading Analysis
EURUSD Trading Analysis
Dear traders,
I shared with you my thoughts about DAX in my last trading analysis. So far, DAX started going lower but I am not 100% convinced that it won’t make another high before continuing its downtrend.
Friday’s daily candle is a bearish rejection candle or a pin bar. It formed just below the supply zone, which is another reason to be careful.
I am potentially looking for a 4H confirmation in the form of a bearish engulfing or an inverted pin bar.
So far, I did only spot a 3-candle bearish engulfing on the 4H from Friday.
The daily close is somehow rejecting this scenario and now leaves us to wait for another bearish confirmation or potentially a rejection.
EURUSD Trading Analysis
Today’s analysis brings my attention to EURUSD. As you can see from the screenshot, there was an inside day just above a demand zone. Not to mention that a major support level is in place, too.
These two bullish indicators are telling me that shortly we might experience more buyers joining the queue.
For now, I will be following the 4H chart for more bullish confirmations.
A possible scenario is price retracing slightly towards 1.1200 and then forming a bullish candlestick pattern.
I am currently waiting for such a confirmation or a rejection of that scenario.
Happy Sunday,
Colibri Trader