Yes, if we followed week 50's analysis, we would have ended our first four trading day in profit, as it rises as expected. However, friday would have trapped long traders or clear off their profit. There is a micro 3 level trend that pushes EURUSD upwards which ended with a triple top and followed to drop about 100 pips just on friday alone. The move might have scared many long traders out and attract shorts in the process. I am however in the view that the movement of week 51 is in a bullish level 2 zone.
From the analysis of week 50, we saw a big consolidation, followed by a rise in week 51. The long in week 51 did push the price above the level 1 zone of EURUSD , however, it fell back down into the level 2 zone. It did not form a lower low than the level 1 zone which might suggest a high/low reset like what we see in USDCHF . We are still seeing the price movement following the bull trend level counting. However, we might be seeing a more volatile up and downward swing in each consolidation zone, rather than fast trades before week 49. Traders who are going in long should be wary and lower their contract sizes to manage the risk exposure. I am currently holding a small long position as well, and I expect week 52 to be moving upwards.
1.136 is actually a refraction zone where prices have either break upwards or downwards. So this price zone +/- 20 pips is a potential area for the price to turn back on its bullish track. Since we also identified the overall trend as a bullish one.
For long entry, it can be build up since the prices have dropped, however, as always, stay flexible and alert. Be ready to exit if things are not in accordance with the plan.
If you have any thoughts on EURUSD's movement for the coming weeks, please share them below, I look forward to learning and staying profitable together. Please help me like and share this analysis, and follow me for my weekly updates!
From the analysis of week 50, we saw a big consolidation, followed by a rise in week 51. The long in week 51 did push the price above the level 1 zone of EURUSD , however, it fell back down into the level 2 zone. It did not form a lower low than the level 1 zone which might suggest a high/low reset like what we see in USDCHF . We are still seeing the price movement following the bull trend level counting. However, we might be seeing a more volatile up and downward swing in each consolidation zone, rather than fast trades before week 49. Traders who are going in long should be wary and lower their contract sizes to manage the risk exposure. I am currently holding a small long position as well, and I expect week 52 to be moving upwards.
1.136 is actually a refraction zone where prices have either break upwards or downwards. So this price zone +/- 20 pips is a potential area for the price to turn back on its bullish track. Since we also identified the overall trend as a bullish one.
For long entry, it can be build up since the prices have dropped, however, as always, stay flexible and alert. Be ready to exit if things are not in accordance with the plan.
If you have any thoughts on EURUSD's movement for the coming weeks, please share them below, I look forward to learning and staying profitable together. Please help me like and share this analysis, and follow me for my weekly updates!
