EURUSD Trading Analysis
EURUSD Trading Analysis
Dear traders,
It has been a while since I posted an article on trading analysis.
Last two weeks I have been travelling and as many of you must have noticed already, I have been visiting some less known corners of Europe.
I have found how humble people in Bulgaria are and how beautiful the country is. Who would have thought that?
It has been one of the best holidays I have ever had and also one of the most affordable places on Earth.
I have the feeling that for some reason this part of Europe has been neglected for long enough. With the second oldest city in Europe, Plovdiv is a must see for the humble traveller.
To top it all up, it has also been on the list of many travel magazines as a place to visit before it becomes very touristy.
But before this article turns into a travelling guide, I will continue with the original content I was supposed to write and maybe at some later stage I might share with you more details around my travels and world experiences 🙂
EURUSD Trading Analysis
The trading analysis from last time was regarding EURUSD, too. It went up over 100 pips before retracing back back.
Today, I am looking at EURUSD as a new candlestick pattern has been formed. There is an inside day that formed on Friday.
Beware: You should be extra careful with this pair, since it is locked in-between a support and resistance area (1.2150-1.2550).
Those 400 pips might take longer to be broken. Therefore, you should be extra careful when planning to trade EURUSD before we see a breakout of any of those two levels.
I will be looking for the daily open to see if the lower timeframes are showing a confirmation of the long scenario.
On the other side, if price falls below 1.2300, I will be looking for a further decline down to the 1.2150 level.
One way or another, the lower timeframes might give us a confirmation once the market reopens.
Until then, I will patiently wait and try not to predict, but read the market.
Happy Sunday,
Colibri Trader
p.s.
Check out my recent article on How to become a professional trader
HI Colibri,
On monthly and weekly the EURO likes breaking out of triangle formations.
On daily there has been 4 touches so more waiting required.
1.227 “area” is acting as support
Seems probable as trend is up to wait for an upside break out to be confirmed.
Thanks for the article 🙂
Hi Dan,
That is absolutely right! Seems like EURUSD is picking up steam… let’s see until where it is going to continue. My initial target is 1.2500. Depending on price action will decide after
Hi Colibri,
EUR/USD Daily TF
Since we last spoke April 16th, price has come down with a strong bearish rejection at 1.2251.
That being just above the strong support zone.
Moving to the 4hr TF
I’m going to wait to see if price will come down a little further 1.222
The 4hr pattern on April 5-6th was very nice, if we can see some thing similar, I would consider a long position.
That would also have a decent R:R
Lets see what happens.
Do you see p/a in any other light
Regards
Hi Dan,
That is exactly the case. If you are following me on Twitter, you must have seen I talked about GBPUSD and a potential short. This might have given an indication that EURUSD is about to hesitate or reverse, either. Here is the link to my Twitter post:
https://twitter.com/priceinaction/status/986168452292534272