18th Feb - (p=227,355/l=282,215)
This pair is running a circus with tension on reversing. We have formed trendlines channels and I expect yet another to be formed inorder for a new uptrend to officially emerg. Previous trend continuation price action has been a failure however if we break low we are going to have a good downtrend.
this is a decisional point for this pair and its either up or down. Sideways market is not allowed due to the point that the market is trending and it has been consistently covering pips. This zone has less support and resistance and we do note expect any to be formed right now
History does repeat itself and at this instance its not too long ago we saw this movement on the pair.
A triangle, breakout, correction move and a final down move followed by Fibonacci retracement.
I dont go against the trend so lets remain bearish and watch this pair. Breaking down would definatelly have me selling
We've hit a remarkable low on EURUSD and I expect this to be backed by a retracement of 50% to 61.8%
The entry is long but the trade bias remains short as the Downtrend is not completed yet.
All the best
Check out my previous EURUSD Analysis
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My analysis is based on SRTF(Support, Resistance, TrendLine and Fibonacci)
Take a close look at the trends, Even though we have a higher high, 61.8% level is broken and we are moving bearish.
Wish you the best
Trading System on EURUSD
Buy on 24th of May 2018
Technical Outlook in EURUSD.
if the price level at the position on 1.1670, we could close the above trade position.
SYSTEM: Range Trading
BE on 20 pips
Trailing 20 pips