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MountOlympusFx

EURUSD BUY: Weekly, Daily & 4hr Multiple timeframe analysis

Long
Euro / U.S. Dollar (FX:EURUSD)  
MountOlympusFx Updated   
FX:EURUSD   Euro / U.S. Dollar
Trend Analysis Harmonic Patterns Chart Patterns EURUSD Forex
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trendanalysis harmonicpatterns chartpattern eurusd forex
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EURUSD Weekly:
• Although price rejected off descending trendline for a 3rd time to create another lower high, price is still trapped for the 9th week in an area of consolidation.
• Area is between 1.1463 & 1.1300 which is an 180pip range.
• Price once again respected moving averages with multiple rejections which are bearish.

EURUSD Daily:
• After rejection off descending trendline and 1.1463 resistance price fell a good 130pips closing as a bearish engulfing candle engulfing previous 3 days.
• Pair has now found support at 1.1342 which is the neckline from a double top formation pattern and is expected to make its way back up to 1.1424 resistance.

EURUSD 4hr:
• Price has broken back above 1.1342 and turn to support.
• Expect price to pull back to 1.1342 before entering any long (buy) positions to 1.1424 resistance + 0.62 Fibonacci level.
Trade active
Trade closed: target reached:
+60pips
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