EURUSD - Medium Term Insight

FX:EURUSD   Euro / U.S. Dollar
498 5 19
Greetings Fellow Traders,

EURUSD             broke a very key level I've been keeping my eye on for some time. Typically we wait for a retracement to enter into the new break however the bullish strength was so powerful that even on the 5 and 15 minute time frames we were barely able to get any.

This was a Long EURUSD             trade that was pretty cut and dry from the daily close until it broke the minor retracement strength and didn't look back to continue the move.
The shear force of this move is beginning to make EURUSD             seem more bearish than the aggressive bulls that we are witnessing. On the Daily chart for a long time now I've been looking at the possibility of an ABCD pattern before another big sell off (this included a break of the weekly bearish strength from the 1.40 levels.) At the end of trading on Thursday this week it seems that we have moved in such a manner that this ABCD Pattern can be quantified - from here I'm looking for a couple of short opportunities.

1. A rise up to approximately 1.13000 area
2. lower time frame breaks of strength
3. a break of the bullish strength from 1.05 (this would signify a bearish continuation long term and not just a pullback)

In the mean time, bulls are definitely present in the market and don't be too quick to jump on the bear train until the market adds it's own conviction with closing below bullish strength on the lower time frames.

If you need/want any further charts or explanations regarding EURUSD             feel free to ask in the comments below. Like/Follow.
Both you and IvanLabrie bring a lot to the drawing table and I always look forward here
+3 Reply
Synapse SSSDEV
I appreciate that, SrinivasDevanahalli. Thanks for the feedback - glad to help out.
+1 Reply
Having nice divergence for a top and very strong resistance near 1.14 mark, but still a viable short term long to be had here.
+1 Reply
Agreed, we'll see a push into resistance before the bear trend resumes.
+1 Reply
Synapse IvanLabrie
Current strength for bulls, albeit aggressive is still being defended - the 1.13 option at the moment looks to be the most likely to occur first. Waiting for a break of the bull strength no matter what though is a good idea, unless you are being very flexible with your stop losses. I'm almost positive divergence is present on the lower time frames, but newer traders need to remember that the exact high/low is never certain with divergence until the strength that was supporting it snaps. Until then, it's easy to climb just as aggressively as we have been. (This isn't so much for you Ivan as it is for unfamiliar traders)
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