EURUSD - Overview on Daily Timeframe - Buy Opportunity
The downward movement on the EURUSD seems to have stopped abruptly, calling for an analysis update. As it has become clearer on the daily timeframe chart, the sharp downtrend that commenced in April and has brought the pair to the 1.15 area, did then go for a daily correction, which is the first (A) wave of a greater correction. Once completed the A wave, the pair went for its B wave, which has turned out last week to be a complex B wave with a contracting flat in the middle. Although in theory the B wave might not be over as yet (as we have indicated in the chart), there are chances that it is indeed over instead, and this is enough reason for us to look for buy setups, from this moment onwards. The buy could be extremely profitable also because the flat that the price action is now forming can turn out to be an expanding flat (with a higher C), and not necessarily a running flat. What we know for sure it that, having the B wave broken the low, this flat type correction on the daily is not a regular flat.
From this moment on therefore, we will be looking for buy setups, on this pair: watch out for ending diagonal formations and other price action patterns for an entry point on their break. For a more conservative approach, wait for a first impulse to the upside, wait for a small correction of said impulse on the 60min timeframe (or a bigger 4hr corrective structure), and buy the break of said correction with a stop loss beneath it.
If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button.
Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
Thank you for viewing.
From this moment on therefore, we will be looking for buy setups, on this pair: watch out for ending diagonal formations and other price action patterns for an entry point on their break. For a more conservative approach, wait for a first impulse to the upside, wait for a small correction of said impulse on the 60min timeframe (or a bigger 4hr corrective structure), and buy the break of said correction with a stop loss beneath it.
If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button.
Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
Thank you for viewing.