EURUSD surprised with its extended push beyond the first identified high of the M shape, forming a new high on week 1, 2019 before it headed down for about 200 pips. That move made me reconsider my position and exit my holdings of EURUSD. Not too sure if it also made you doubted your outlook, but it sure made me doubted mine. With that push upwards, I did not re-enter my short, instead what I did was long it, which I exited with a small profit. In summary, I missed the short because I am too caught up in the m15 chart movement.
From my analysis, EURUSD is currently in its bearish level 1 zone, we can expect the pair to continue to consolidate for a little while before making a strong move downwards to its level 2 zone. The move to level 2 zone might or might not happen next week, the pair can take the whole week to consolidate and range before moving downwards. Currently, there is no indication of a strong move.
In week 2, look out for candlestick combination and price action before entering the short. During NFP in week 1, there is a quick drop followed by recovery back to the price level prior to NFP. I see it as a strong buying demand, thus, it is in all possibility that EURUSD can continue its upward movement, or continue the tug of war between bull and bear.
Be cautious with EURUSD and wait for a good signal to enter short. Have a good week 2, we are left with 51 trading weeks only for 2019!
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 this analysis, and follow me for my weekly updates!
From my analysis, EURUSD is currently in its bearish level 1 zone, we can expect the pair to continue to consolidate for a little while before making a strong move downwards to its level 2 zone. The move to level 2 zone might or might not happen next week, the pair can take the whole week to consolidate and range before moving downwards. Currently, there is no indication of a strong move.
In week 2, look out for candlestick combination and price action before entering the short. During NFP in week 1, there is a quick drop followed by recovery back to the price level prior to NFP. I see it as a strong buying demand, thus, it is in all possibility that EURUSD can continue its upward movement, or continue the tug of war between bull and bear.
Be cautious with EURUSD and wait for a good signal to enter short. Have a good week 2, we are left with 51 trading weeks only for 2019!
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 this analysis, and follow me for my weekly updates!
