Good Evening Traders,
The EURUSD may be looking to begin its long awaited descent. On the 1W, price has hit a hard resistance point on a trend line drawn from the beginning of the downward trend that started in April 2018. Price touched off this line during this trading week before making a decline. There is the possibility of a false break-out occurring back up to this line during the upcoming trading week. If price is rejected at the trend line again, short trade consideration would be made.
On the 1D, Hidden Bearish Divergence has formed from the high at the beginning of the current downward trend to the present high on the MACD/Price Chart. RSI is also nearing resistance in OVERBOUGHT territory.
Thanks for reading. If you liked my analysis, please give me a follow.
*The above is not investment advice but simply my analysis of the current market conditions*
The EURUSD may be looking to begin its long awaited descent. On the 1W, price has hit a hard resistance point on a trend line drawn from the beginning of the downward trend that started in April 2018. Price touched off this line during this trading week before making a decline. There is the possibility of a false break-out occurring back up to this line during the upcoming trading week. If price is rejected at the trend line again, short trade consideration would be made.
On the 1D, Hidden Bearish Divergence has formed from the high at the beginning of the current downward trend to the present high on the MACD/Price Chart. RSI is also nearing resistance in OVERBOUGHT territory.
Thanks for reading. If you liked my analysis, please give me a follow.
*The above is not investment advice but simply my analysis of the current market conditions*
Trade active:
The EUR streaked back up to the trend-line to start the trading week (although it took a bit longer than expected). SELL entry will be considered when confirmation is found on a lower-time frame chart.
The pair is still in the midst of a VERY strong uptrend so I will be waiting for confirmation that a downturn is coming even if it means leaving some profit on the table. I would rather have a less risky/lower reward trade than try to snag every PIP.
The pair is still in the midst of a VERY strong uptrend so I will be waiting for confirmation that a downturn is coming even if it means leaving some profit on the table. I would rather have a less risky/lower reward trade than try to snag every PIP.
It looks like Hidden Bullish Divergence formed on the 1H MACD/Price Chart. This may be signaling the upcoming false break-out back to the trend-line.
I will be watching the pair closely at the beginning of the trading week.
*The above is not investment advice but simply my analysis of the current market conditions*