-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.
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.
UnknownUnicorn43619
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Price action dictates to your favour :) My set up looked very similar to yours, entered at 50% retracement of yesterdays candle.
Wisam_Adil
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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
KevinT
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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.
BBFX
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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... :-)
Technician
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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