Last week we saw multiple structures showing signs to the upside for EU. Looking at the structure now, it looks like that upward move is done and we will see a strong downward push for EU this week.
Thanks to the yields frenzy last week, we saw USD gain massive strength pushing down all the majors. Due to this push down, EU broke the bullish structure.
Now I am expecting a correction up to the 1.21 are before a massive move downward. But note, we could see a pullback as high as 1.215 but I feel there is less confluence at this level than the 1.21 area.
If we get the strong downward impulse, I am expecting it to go all the way down to the 1.842 area. It could even go as low as 1.1783 as we have a monthly key level down there or maybe be cut short and only make it down to the 1.9 area where we have another monthly key level.
Remember, price action is key and the most important thing to follow as things can change at any moment.
Let me know your thoughts.
Trade Safe!
HEET
Thanks to the yields frenzy last week, we saw USD gain massive strength pushing down all the majors. Due to this push down, EU broke the bullish structure.
Now I am expecting a correction up to the 1.21 are before a massive move downward. But note, we could see a pullback as high as 1.215 but I feel there is less confluence at this level than the 1.21 area.
If we get the strong downward impulse, I am expecting it to go all the way down to the 1.842 area. It could even go as low as 1.1783 as we have a monthly key level down there or maybe be cut short and only make it down to the 1.9 area where we have another monthly key level.
Remember, price action is key and the most important thing to follow as things can change at any moment.
Let me know your thoughts.
Trade Safe!
HEET
Trade active:
There was a pullback to 1.21. But I missed the entry. As well as a couple subsequent entries.
In the end I did enter but not so confident that its going to continue down from here. But if the dynamic support holds then, still have a chance.
In the end I did enter but not so confident that its going to continue down from here. But if the dynamic support holds then, still have a chance.
Comment:
TP2 hit
Comment:
TP3 just hit
Trade closed: stop reached:
Closed out the trade at 40 pips. Only small amount left in my position so ended up in good profit.
Comment:
Looking back at the original analysis, it has proven to be very accurate.
Now, I just need to learn to trade my analysis properly.
Now, I just need to learn to trade my analysis properly.
🧑💻| Founder @blackswanforex
📈| Smart Money Trading
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📈| Smart Money Trading
🔗| Link below for my Youtube and Telegram group where I post trading ideas 👇👇👇
