Daily Bear Trendline will be tested if Bulls come / EURUSD
If you check the EURUSD daily chart, we are now staying on the strong demand. Before continue my words, please please remember that 80% of trend reversal attempts fail. So touching the demand zone is not enough reason to get long. It's still bear trend so price may reject demand and respects only supplies.
My vision on EURUSD is that waiting for price goes and touches the bear trendline on daily chart ( Reason: Demand + Fibonacci Level 61% ). If it breaks the bear trend line I will be change my vision to bullish trend and I expect 2nd leg of bulls to formed. Also we have huge liquidity below the demand zone which is highlighted on H1 chart.
In H1 timeframe we had falling WG ( Bull Flag ) and as you see it broke the WG from upside. I highlight the liquidity which got taken during my analysis. If bullish momentum increases, first target will be beginning of WG and then second one will be bearish orderblock. If bull trend resumes , final target will be daily bear trendline so you have to partial/complete exit there.
**This is not an investment advice. Your capital might be at risk.**
Give me your idea on comments...
Good Luck...
My vision on EURUSD is that waiting for price goes and touches the bear trendline on daily chart ( Reason: Demand + Fibonacci Level 61% ). If it breaks the bear trend line I will be change my vision to bullish trend and I expect 2nd leg of bulls to formed. Also we have huge liquidity below the demand zone which is highlighted on H1 chart.
In H1 timeframe we had falling WG ( Bull Flag ) and as you see it broke the WG from upside. I highlight the liquidity which got taken during my analysis. If bullish momentum increases, first target will be beginning of WG and then second one will be bearish orderblock. If bull trend resumes , final target will be daily bear trendline so you have to partial/complete exit there.
**This is not an investment advice. Your capital might be at risk.**
Give me your idea on comments...
Good Luck...
Trade closed: target reached:
First Target, Beginning of WG reached
