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EURUSD - Word of Caution, Not Bullish Yet

FX:EURUSD   Euro Fx/U.S. Dollar
Greetings Fellow Traders,

As I'm sure many of you are wondering what my view is on the EURUSD             pair I figured it would be a good time over the weekend to show you what I'm currently looking at and considering. Unfortunately, you may be disappointed. Obviously we did a great job anticipating the rise on the EURUSD             pair in the 1.05 to 1.06 region, however.....we did not anticipate for the market to react so strongly. Many may be thinking that this pair is now going to continue it's sky rocket and shoot for the moon....as the title of this post suggests I urge you to remain neutral at this point in time. While the rise on the EURUSD             was sharp and quick...it turned abruptly at a very key technical level on the daily and weekly charts....the level which offered us the selling opportunity down to 1.05 in the first place. You can see the level on the Daily Chart as well as here on the weekly.

snapshot

As we move forward in the next several days of trading I urge those trading the EURUSD             pair to do so with caution and remain reluctant about being incredibly bullish at this point. It is very possible that for the next several weeks we stay consolidated/ranging bullish , but pay close attention to the 2 highlighted areas as strong levels of resistance. One is an extension of the super trend wedge that was broken, the other is a still very current weekly bearish trend resistance. Both of these levels are still 100% intact and for that reason I will not be looking to buy EURUSD             until a larger break occurs, or another sort of opportunity materializes on the 4 hour.

To sum it up, Bullish rise was sharp and expected but Key Technical Bearish Resistances were not broken. I remain neutral for the immediate future and will wait for the market to continue to digest this sharp movement and form another trade opportunity.

Please do your own analysis before entering a trade. If you like what you see feel free to comment, follow or "like"
Good analysis sirr..
+1 Reply
Synapse kumar.mayank0470
Thanks for the feedback, much appreciated.
Reply
spot on mate
+1 Reply
Synapse bena2
Thank you very much!
Reply
in my humble opinion, the pair fall to 1.05, maybe in 1 or 2 weeks. An fundamental analysis markup a lot of pressure to conquer the 1:1 parity. We have to wait up to the news over all the week.
Reply
by the wait, greats charts! thanks
+1 Reply
Synapse dudesl
Thanks appreciate the feedback.
Reply
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