Greetings Traders -
There really has not been much to analyze this week because the market has barely moved since it opened. It's at these times, that I like to just remain patient, if any current trades are open, continue to let them mature/develop. It's especially important to not enter trades unless you have a very good reason to do so.
I posted several days ago about trade ideas within the super trend for EURUSD...while the broadening wedge still hasn't provided a 3rd touch for an entry it still remains as a possibility. However since then...we have also begun to see the market take on a newer shape, it's not as clean cut as I like to see my patterns, but the structure is undeniable....EURUSD is forming a descending wedge.
Given the recent price action surrounding this pair though, I'm merely making the observation, in order for me to go long on EURUSD I would like to see more substantial points, EURUSD has methodically been following the Horizontal S/R levels from earlier this year since it's break below 1.1070.
If we manage to get down to 1.04-1.05 even if on some spike/emotional reaction I would fully expect a retracement of larger proportions.
Should the resistance line on the descending wedge shown break, look for opportunities to go long off of it. Keep in mind the Horizontal S/R I talked about earlier, as it will more than likely create a bumpy ride for any Bullish Movement for now. Regardless of Bullish movement I see no reason for this pair to go above 1.11 area, and should it reach there, I would strongly recommend selling once again.
If you'd like to see the majority of the Horizontal S/R lines please refer to the related idea below. Please stay safe this week, and don't be caught off guard if something 'unexpected' occurs.
TL;DR (Too Lazy, Didn't Read): EURUSD is still consolidating but is showing signs of short term directional change.
Always do your own analysis before entering a trade. If you'd like me to take a look at a specific time frame, currency or simply ask a question feel free to send me a PM otherwise if you find any of this useful, comment, "like" or follow.
There really has not been much to analyze this week because the market has barely moved since it opened. It's at these times, that I like to just remain patient, if any current trades are open, continue to let them mature/develop. It's especially important to not enter trades unless you have a very good reason to do so.
I posted several days ago about trade ideas within the super trend for EURUSD...while the broadening wedge still hasn't provided a 3rd touch for an entry it still remains as a possibility. However since then...we have also begun to see the market take on a newer shape, it's not as clean cut as I like to see my patterns, but the structure is undeniable....EURUSD is forming a descending wedge.
Given the recent price action surrounding this pair though, I'm merely making the observation, in order for me to go long on EURUSD I would like to see more substantial points, EURUSD has methodically been following the Horizontal S/R levels from earlier this year since it's break below 1.1070.
If we manage to get down to 1.04-1.05 even if on some spike/emotional reaction I would fully expect a retracement of larger proportions.
Should the resistance line on the descending wedge shown break, look for opportunities to go long off of it. Keep in mind the Horizontal S/R I talked about earlier, as it will more than likely create a bumpy ride for any Bullish Movement for now. Regardless of Bullish movement I see no reason for this pair to go above 1.11 area, and should it reach there, I would strongly recommend selling once again.
If you'd like to see the majority of the Horizontal S/R lines please refer to the related idea below. Please stay safe this week, and don't be caught off guard if something 'unexpected' occurs.
TL;DR (Too Lazy, Didn't Read): EURUSD is still consolidating but is showing signs of short term directional change.
Always do your own analysis before entering a trade. If you'd like me to take a look at a specific time frame, currency or simply ask a question feel free to send me a PM otherwise if you find any of this useful, comment, "like" or follow.
