EURUSD is currently consolidating within a wide trading range.
from one side we have a sequence of two strong rejections around 1.093 level from the other we have significant resistance level.
no matter what the news are, we should be focused on a daily candle close. if it closes below the support, bears will push the market lower stopping out the majority of buyers, if it closes above the resistance, we will see a bullish rally to higher structure levels.
*this idea is labeled as short, because of the current market trend
Your analysis looks good, however its a pain in the ass to trade FED.
I am looking for a close above 1.1075 resistance area in order to confirm the start of bullish trend.
Considering the ECB restarted the bond program, the market reaction was first to go short on euro, and lately to cover all that fall, stabilizing somewhere in between.
Now FED comes with a reply for what ECB did and frankly, I dont see EU making new lows. They are going to cut ELB too, so we could assist to a similar move on EU as we had on ECB.
If the price will break 1.1075 resistance area and will manage to close above it, we'll have a single scenario, long.
@Dimake, good thoughts brother and I really like what you think! indeed it all depends on fed so lets see how it unfolds
DevinGJones
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Yeah it looks like we broken structure to the downside. Everyone is calling it a retracement. Its short until its not short lol lol lol. Guess we will wait and see. Do you have telegram?
VasilyTrader
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@DevinGJones, hey yes, just open my trading view page, you will see it around profile picture
Laurentbakiu
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super analysis on m30 time frame is pinbar candle formed
I am looking for a close above 1.1075 resistance area in order to confirm the start of bullish trend.
Considering the ECB restarted the bond program, the market reaction was first to go short on euro, and lately to cover all that fall, stabilizing somewhere in between.
Now FED comes with a reply for what ECB did and frankly, I dont see EU making new lows. They are going to cut ELB too, so we could assist to a similar move on EU as we had on ECB.
If the price will break 1.1075 resistance area and will manage to close above it, we'll have a single scenario, long.