Hello Traders and Investors, my name is Philip and today I will provide a free and educational multi-timeframe technical analysis of EurUsd💪
EurUsd just perfectly retested and already rejected the 0.618 fibonacci level in confluence with a retest of previous support which was after the break turned strong resistance.
EurUsd is also now approaching weekly support and also the bottom of the solid rising channel so after some bullish rejection it will be quite likely that EurUsd provides more short term bullish upside.
With the moving averages shifting bearish on EurUsd just a couple of days ago, there is no need to look for a long setup now - Instead I am waiting for the inverted head and shoulders to play out and then I am looking for longs on a retest of the neckline.
Keep in mind: Don't get caught up in short term moves and always look at the long term picture; building wealth is a marathon and not a quick sprint📈
Thank you for watching and I will see you tomorrow!
We are possibly headed lower. If price breaks below 1.0920 support, it's likely headed for 1.0830 which would be a potential bullish zone for a long from the weekly. We could see things pick up to the upside next week. Good luck!
@BKTradingAcademy, hi, bkta, 1.0830/1.0835 is such an obvious support zone that i sometimes wonder if it can dip far crash below it. what i mean is if one leg out of shorts on the path to 1.09, 1.08x, are we supposed to re-initiate shorts again or do 'risk longs'? like long aggressively, then the support level gives way; if it doesnt then eurusd is still in a range, mthly bullish channel. assuming dxy still continues moving north until it doesnt.