EURUSD: Bullish Correction Coming?

FX:EURUSD   Euro / U.S. Dollar
1812 9
-EURUSD Hit Key support today
-Failed to sustain the downside, as price was rejected forming a bullish hammer ,
-Rejection from area near the 200-days SMA
-Another Rising trend line resides near that area

$$ Bullish correction for the recent major selloff likely in my view, i am looking for a retest of 1.3770-0.3780 broken support-turned-resistance before new bearish consideration.A break below the cluster of support around 1.3625 would negate this scenario and signal more downside.

Good Luck, Come Join me at
any update of EUR???
Technician FX_LAB_PRO
Yes sure, will be working on one soon
+1 Reply
Technician leopar1972
Sorry I dont have time to read all the document, but what i have seen that they are bearish EURUSD. I am also bearish EURUSD over the long run, but for now i see a minor upside correction as you can see on chart.
Price action dictates to your favour :) My set up looked very similar to yours, entered at 50% retracement of yesterdays candle.
I'm with you to the correction ... i will go short from 1.37800 to 1.36100 as there is SMA 42 on weekly chart .. and 1.36224 SMA 200 on daily chart >> these two support area are very strong to me .. and i think the price will bounce for a major correction from there to 1.38170 where there is SMA 21 on daily chart
As there was fx expiration today, many pairs went crazy. So the hammer may not have any technical meaning. On the other hand, a large down move has taken place last few days, so a breather is not surprising.
Great chart.....QUESTION: In your experience, does that 'HAMMER' always/mostly lead to a bullish scenario? Everyone seems to be going bullish here.....My target from 1.3911 is 1.3546....I took another short at 1.3728 in the last move up. Appreciate your thoughts.......cheers in advance mate... :-)
No not every hammer leads to bullish scenario, just as any other technical signal, nothing certain, but along with other technical patterns, support and resistance levels it provide a tradeable setup, which may succeed or fail. I am looking for only a correction here, I am bearish EURUSD Overall.
Best of luck
+3 Reply
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