Anbat
Short

Early Next Week- Bearish With EURUSD

FX:EURUSD   Euro Fx/U.S. Dollar
49 0 5
Lets break down 4 hr             EURUSD             chart for this coming early week. Last 8 hours green candlesticks had long shadows or wicks, but small bodies. They both stopped at a major RESISTANCE area of 6/16/2016 of 1.11308< at that time, which was a SUPPORT level . RSI momentum indicator with default of 14 shows a OVERBOUGHT PA. RSI is 76+.

My plan for this week with this pair is as follows:
1) Wait for next 4 hour candlestick- if this candlestick is RED & either an Engulfing or Harami pattern, plan Put trades.
2) Go to shorter time frame charts (like 1 hour or 15 minutes) to do shorter PUT trades, if these charts turn Bearish .
3) Once PA turns BEARISH , next support area is around 1.11200 around 400 + lower then PA now (1.11673)

I believe that 1st few days or until around Wednesday (8/3/16) PA will go to Bearish side for trading here, then need to recheck when PA is around area of 1.11200 area. Remember: Longer time frames have stronger S/R areas.
United States
United Kingdom
India
Deutschland
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Priority Support Ideas Published Followers Following Private Messages Chat Sign Out