EURUSD
is a pair that we have overlooked for quite a while now. This currency cross has been in a medium term correction since 2015, and the structure has had a very undefined progression. Of course, we have traded it here and there, but it is now that this pair has become suddenly really interesting. Up until a couple weeks ago, we did not have a clear perception of where this medium term progression would have ended it's course, but now it seems to have taken a very defined direction, which is downside. As it stands of now, the pair has broken the weekly uptrend, and, according to our analysis, it will resume the downtrend it was in before the aforementioned correction and will complete it's course. We believe that the final target of the coming downwards movement is sitting in the 0.95 - 1.00 area, reason for which, from this moment on, we will be looking for sell setups on the weekly and daily timeframes for this pair. 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.
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Comment:
In the smaller timeframes, we are now monitoring for a correction. The correction, when and if it will come, can be a good buy opportunity that might be worth taking. Most importantly, if we get this correction and it will be of a certain consistence (on daily / 4hr), this would confirm further downside and our weekly / daily overview and analysis.
