EURUSD Analysis: What's next? 1.0770? Or a recovery?
Hello friends, in my previous EURUSD analyses, I told you that selling at 1.0980 would be a good idea. That sell trade gave more than 160 pips profit. Now, let's discuss what will happen in the next few days.
In my idea from April 14, 2020, you can see this Ascending channel(or rising wedge). Either way, it's a bearish structure. I mentioned selling at the third touch in the upper TL at 1.0980 which worked very well.
Now, price broke through the lower TL of this structure already.
Current price action indicates that there could be a short-term recovery. But, it is unlikely to break the 1.0910 area strongly.
If the area I have highlighted in my chart doesn't break, then further drop towards 1.0770 is likely.
I would keep an eye on EURUSD hourly chart and if the above happens, I would try to sell at 1.0970-1.09 with SL above 1.0920 and TP at 1.0770.
Note that I will only sell if EURUSD doesn't break the highlighted area strongly.
In my idea from April 14, 2020, you can see this Ascending channel(or rising wedge). Either way, it's a bearish structure. I mentioned selling at the third touch in the upper TL at 1.0980 which worked very well.
Now, price broke through the lower TL of this structure already.
Current price action indicates that there could be a short-term recovery. But, it is unlikely to break the 1.0910 area strongly.
If the area I have highlighted in my chart doesn't break, then further drop towards 1.0770 is likely.
I would keep an eye on EURUSD hourly chart and if the above happens, I would try to sell at 1.0970-1.09 with SL above 1.0920 and TP at 1.0770.
Note that I will only sell if EURUSD doesn't break the highlighted area strongly.
Comment:
And EURUSD already drops 50 pips since I posted
