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.