Okey as the title says why do i believe EURUSD in overall for this week will fall?
Note this is only my own opinion, you have a free will to do what you want, this is only what i believe will happend.
Lets get started!
1. We can see on EURUSD daily chart a strong down trend who broke the last supp line 1.09812 and are now on the second supp line testing it 1.07982. The price on friday tested latest supp line but nothing more happend, so i dont see for now anything that telling me it will be a strong reverse trend that will go up. Surely it can go a bit up starting on this week after testing latest supp line but then if no strong price reverse movement are comming up on Monday or Tuesday i believe it will reverse back to 23.6 line on fibonacci that you can see on weekly and monthly chart between 1.0555 to 1.03999.
I am strong believer as a swing trader that it will go down even more.
2. We see no sight of a break in price and no smaller candles that happends quite often before a reverse and no buy candles either. And no candle price pattern or single pattern like hammer head. No confirmation of a reverse... the price broke last supp in Thursday 20/10. so we will surely see more fall from that and now has a down trend started on weekly chart with more fall in price, but it broke bottom bb with too much oversold it can go up as i said earlier, some pull ups at beginning on this week.
3. Daily chart and the indicators on it as rsi and stoch (that i dont particiular like), show us that price are oversold but not exhausted. Macd still going down and ichimoku with price under kijun and cloud. Price respects also lower bb line. As all of this show us price are still going down the candles on the chart are telling its still wants to go down. Want also to point out that RSI on daily showing oversold indication but weekly are not showing that yet so it can reverse a bit.
4. Weekly and montly are going down, weekly starting a trend down, montlu building up one too, if reverse price candles should come it will go up and then falling down is what i believe over this week. But the market is kind of oversold so you should be extra careful whit sl and with tp should be small earnings. I dont do news and not reading them, if y want to hear from that i am not a person to ask about that. Daily and weekly price candles are telling me what will happend with some indicators that backtesting that idea.
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So i will for Tuesday to go short and if monday candle should be a strong buy candle i wait for a confirmation candle or two, if not go short on that top. If a weak buy candle or sell candle should come on monday i do my short position.
I believe it will overall go down this week.
If y have question, pls comment and i will answer them as best i can!
//A.N
Note this is only my own opinion, you have a free will to do what you want, this is only what i believe will happend.
Lets get started!
1. We can see on EURUSD daily chart a strong down trend who broke the last supp line 1.09812 and are now on the second supp line testing it 1.07982. The price on friday tested latest supp line but nothing more happend, so i dont see for now anything that telling me it will be a strong reverse trend that will go up. Surely it can go a bit up starting on this week after testing latest supp line but then if no strong price reverse movement are comming up on Monday or Tuesday i believe it will reverse back to 23.6 line on fibonacci that you can see on weekly and monthly chart between 1.0555 to 1.03999.
I am strong believer as a swing trader that it will go down even more.
2. We see no sight of a break in price and no smaller candles that happends quite often before a reverse and no buy candles either. And no candle price pattern or single pattern like hammer head. No confirmation of a reverse... the price broke last supp in Thursday 20/10. so we will surely see more fall from that and now has a down trend started on weekly chart with more fall in price, but it broke bottom bb with too much oversold it can go up as i said earlier, some pull ups at beginning on this week.
3. Daily chart and the indicators on it as rsi and stoch (that i dont particiular like), show us that price are oversold but not exhausted. Macd still going down and ichimoku with price under kijun and cloud. Price respects also lower bb line. As all of this show us price are still going down the candles on the chart are telling its still wants to go down. Want also to point out that RSI on daily showing oversold indication but weekly are not showing that yet so it can reverse a bit.
4. Weekly and montly are going down, weekly starting a trend down, montlu building up one too, if reverse price candles should come it will go up and then falling down is what i believe over this week. But the market is kind of oversold so you should be extra careful whit sl and with tp should be small earnings. I dont do news and not reading them, if y want to hear from that i am not a person to ask about that. Daily and weekly price candles are telling me what will happend with some indicators that backtesting that idea.
////////////
So i will for Tuesday to go short and if monday candle should be a strong buy candle i wait for a confirmation candle or two, if not go short on that top. If a weak buy candle or sell candle should come on monday i do my short position.
I believe it will overall go down this week.
If y have question, pls comment and i will answer them as best i can!
//A.N