📈💰 "Analysis of EURUSD: Beginning of the Trading Week" 💹🎯
🕵️♂️ Let's dive into analyzing the popular forex pair EURUSD on the first trading day of the week and explore possible scenarios.
📊 In higher time frames, we're still within the range of 1.11059 and 1.04612, which indicates relative stability. This makes sense considering the policies of the European Union and the US government, allowing for fluctuations in lower time frames while maintaining an overall range.
📝 In our previous analysis, we were waiting for the break of the support line at 1.06829 to open a short position. Although we executed this strategy with a fake breakout and the subsequent break of support, we didn't reach our risk-to-reward ratio of 2. It's crucial to adhere to our rules and avoid entering positions without meeting our risk-to-reward criteria. Therefore, it's advisable to use stop losses to mitigate risk.
🚀 After reaching the resistance at 1.07336 and experiencing a correction, followed by a green candle closing above this resistance, we opened a position accordingly. Placing the stop loss below the shadow of the candle had its specific rationale.
💰 Regarding the targets, since the upward trend hasn't been confirmed yet, after a sharp move towards the resistance, we closed our position at a risk-to-reward ratio of 3.
🌟 Now, let's examine our current chart. After approaching the resistance at 1.07881, we experienced a correction back to the support at 1.07287, and engulfing green candles brought us back to the resistance. If this resistance is broken, we can open long positions and wait for higher targets.
📉 For short positions, we need to wait for two triggers: firstly, the break of the parabolic line and candle confirmation, and secondly, the break of 1.07287 support.
💡 Furthermore, an instructional empirical note I observed in the chart is worth mentioning here. Although we broke the 4-hour resistance at 1.08708, the next candle moved in the opposite direction, forming an engulfing pattern. To implement this strategy, we move to lower time frames and, upon the break of the first support, open short positions. It's important not to overlook the risk-to-reward ratio.
🛡️ Our upcoming supports are at 1.07287, 1.06829, and 1.06158, while resistances are at 1.08708 and 1.09510.
🤝 Given that today marks the beginning of the market week, expect some aimless fluctuations. Therefore, it's advisable to wait for trends, especially during the American session today or tomorrow. Wishing you a profitable week ahead!
😊 If you'd like me to analyze a specific coin or currency pair, be sure to comment so that I can allocate the next analysis for you!
⚠️ Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.
📊 In higher time frames, we're still within the range of 1.11059 and 1.04612, which indicates relative stability. This makes sense considering the policies of the European Union and the US government, allowing for fluctuations in lower time frames while maintaining an overall range.
📝 In our previous analysis, we were waiting for the break of the support line at 1.06829 to open a short position. Although we executed this strategy with a fake breakout and the subsequent break of support, we didn't reach our risk-to-reward ratio of 2. It's crucial to adhere to our rules and avoid entering positions without meeting our risk-to-reward criteria. Therefore, it's advisable to use stop losses to mitigate risk.
🚀 After reaching the resistance at 1.07336 and experiencing a correction, followed by a green candle closing above this resistance, we opened a position accordingly. Placing the stop loss below the shadow of the candle had its specific rationale.
💰 Regarding the targets, since the upward trend hasn't been confirmed yet, after a sharp move towards the resistance, we closed our position at a risk-to-reward ratio of 3.
🌟 Now, let's examine our current chart. After approaching the resistance at 1.07881, we experienced a correction back to the support at 1.07287, and engulfing green candles brought us back to the resistance. If this resistance is broken, we can open long positions and wait for higher targets.
📉 For short positions, we need to wait for two triggers: firstly, the break of the parabolic line and candle confirmation, and secondly, the break of 1.07287 support.
💡 Furthermore, an instructional empirical note I observed in the chart is worth mentioning here. Although we broke the 4-hour resistance at 1.08708, the next candle moved in the opposite direction, forming an engulfing pattern. To implement this strategy, we move to lower time frames and, upon the break of the first support, open short positions. It's important not to overlook the risk-to-reward ratio.
🛡️ Our upcoming supports are at 1.07287, 1.06829, and 1.06158, while resistances are at 1.08708 and 1.09510.
🤝 Given that today marks the beginning of the market week, expect some aimless fluctuations. Therefore, it's advisable to wait for trends, especially during the American session today or tomorrow. Wishing you a profitable week ahead!
😊 If you'd like me to analyze a specific coin or currency pair, be sure to comment so that I can allocate the next analysis for you!
⚠️ Also, please remember that I'm just an analyst, and this isn't financial advice. We're here to stay in the market and maximize profits by adhering to risk and capital management principles.
