Technician

Request: EURUSD Short-term Analysis

FX:EURUSD   Euro / U.S. Dollar
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33
Thanks for your interaction mates.. The most requested instrument was the EURUSD , two more are coming afterwards. Then i will try to add as many as i can :) .
So i will start by trying to analyze the technical position of the pair, defining the main technical key levels.

-We have been in a strong bearish trend that started in early May, however recently after testing 1.2500 the price has managed to break the first tier falling trend line , that usually hints a minor shift in behavior from strongly bearish to sideways-bearish
-The price has managed to pullback towards the previously broken swing low at 1.2858 and created a new swing high at 1.2886 as shown on chart, before heading lower again.
-The pullback took the shape of a minor rising channel or a continuation bearish flag pattern, and the price succeeded in the latest dip to break the support of that flag.
-However, the price found support at 1.2605 level, and is currently pulling back gradually higher.
-This overall behavior remains illustrative of a sideways to bearish bias for me.
- The price is testing the broken flag pattern now, so could find renewed downside pressures from here..The 50-days SMA is also near 1.2850 level, therefore, it might be a good area to scalp quick short trades among 1.2800-1.2850. targeting retest of levels near 1.2605 for now, a break below 1.2605 clears the way for the latest major swing low at 1.2500.
-Any extension of the bullish move should be limited below 1.3000 level, which is the main falling trend line for the overall bearish trend . A break with a daily closing above that resistance could have a bullish implication.

- Do not forget that trading is about probabilities, trades will definitely work some times, and definitely fail some times, so its all about how you manage it and execute it with a clear consistent method,, its all about keeping your profits bigger than your losses.

Hope you enjoyed it. :)

Best of Luck , join me at https://twitter.com/thefxchannel
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My best regards,
Technician

Comments

Great work, my appreciation.
+1 Reply
simple but amazing and perfect , thank you Technician.
+1 Reply
Thanks for your time and effort.
+1 Reply
thanks technician Its very informative
+1 Reply
Technician, thank you very much!
+1 Reply
Great Analysis as always! Thanks for sharing.
+1 Reply
Down the drain, back to the drawing board :-)
Reply
Thank You mates
Reply
Cheers. How about the long term? I am a Belgian guy, but I only trade on the NYSE. My account is in Euro's, and my broker charges me 2,6% a year if I hold a stock/fund for one year, because my equity in Euro's stays the same, but I go negative in USD. So, I am thinking about purchasing USD for the long haul. Any advice? Thanks in advance
Reply
Technician gunne821
:) buddy.. I hope if i can give u an advise. But i cant give any sort of investment advice. I am bearish the euro over the long term as well, and generally bullish the U.S. dollar.
Reply
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