Looking to short EU if daily candle closes below 1.16000
Daily Timeframe Confluences: - Bearish market, as the market is making a series of LH and LL - If we get a closure below 1.16000, we could enter a short position on the retest of this level for a new LL to be created
4H timeframe confluences: - Intraday bullish momentum and ascending trendline has been broken, further indicating a bearish market is now in play
Targeting the monthly key level of 1.15000
Comment
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This pair is currently ranging (blue rectangle box) Based on market structure my bias remains bearish; however, if we get a candle closure above this consolidation block we may see higher.
I agree with your XAUUSD idea. Gold, as a safe commodity for investment, weakens the dollar. Of course, I followed the American economic news. The bond yield, issued on October 12 and 13, was slightly higher than the previous period, which may be to balance the supply of dollars. I'm looking for long-term trends, maybe in the short term your analysis is correct. I hope you make a good profit.
YajnaR
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@MehranIRTR I completely get what you’re saying 🙏🏼! And I agree. I guess we all have different targets for our trading. I haven’t sold EU yet. As it’s ranging. If it breaks above I will change my bias 😊! But thank you for the insight. I always like hearing different views and idea
MehranIRTR
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@yajnarabbipal, you're welcome I enjoyed exchanging ideas with you.
@yajnarabbipal, I still hope the euro rises. I'm waiting now.
MehranIRTR
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Good chart, well done You simultaneously published an analysis for gold. Ascending. But I think it is impossible for gold and EURUSD to move in the opposite direction in this time frame. Because the dollar is the second currency in these two charts.
YajnaR
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@MehranIRTR I agree, but I trade the trend. Gold is currently bullish and EU is bearish. I also have a set of rules to trade EU. My bias will turn bullish if it breaks above this consolidation. I trade what I see in price action ☺️
Gold, as a safe commodity for investment, weakens the dollar.
Of course, I followed the American economic news.
The bond yield, issued on October 12 and 13, was slightly higher than the previous period, which may be to balance the supply of dollars.
I'm looking for long-term trends, maybe in the short term your analysis is correct.
I hope you make a good profit.