Dear traders,

Last time I wrote about GBPUSD.

The price did open higher than the Friday close and I did not receive a bearish confirmation from the lower timeframes.

This was enough of a sign for me not to take the trade.

The bearish enthusiasm was over and I just moved on with my day trading activities.

GBPUSD has just printed inside bar on the daily chart, so the bearish enthusiasm is back on the table.

EURUSD Trading Analysis 28.10.2022

Today, I am looking at EURUSD.

There was a bearish engulfing pattern that formed on the daily chart yesterday.

It looks like the bearish enthusiasm is returning.

Today, I will be looking for a 4H confirmation of this bias.

Ideally, I would like to see the price retracing a bit before making a new leg lower.

In addition to a candlestick confirmation from the 4H chart, this is what I will be looking for:

After the retracement, I will be looking for a candlestick confirmation in the form of a bearish engulfing or an inverted pinbar.

Until then, I will be patiently waiting for this to happen (or not).

Happy trading,

Atanas

P.S.

Did you read my latest article on Trend Reversal?