trkgrant

EurUsd ,How News Can Effect The Market...

Education
FX:EURUSD   Euro / U.S. Dollar
Doing a little Analysis on EurUSD...
You Have to go back sometimes to give a proper Analysis...
I like using the 4 hour for certain patterns

looking past to your left:
we have a 5 wave completion inside the channel
Then Channel Break

Then we had what looked like the start of a new cycle...
Looks like a head and shoulders is forming which is usually consistent with Euro pairs.

Then we had this huge drop (WHERE DID THAT COME FROM?)
upon further analysis, I see that on Nov. 8th, USD had positive news that might have caused this drop.

Since then this market has been unrecognizable
It's been trending up inside of a channel
I believe this is just the market correcting itself

Let's see how things shape out
I believe the dotted line in green is important
This would of been the neck line of that second shoulder that never formed

This isn't a trade idea...
Just a little analysis...
I could very well be wrong/out of my mind, haha...

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.