Looking for shorting this pair for long run, for every rise, finding new entry for sell unless a clear break of 86.740 happens, might change the direction,
:Risk Management is the ultimate skill to survive in trading, so, please maintain it wile trading
we can not jump directly into signal here.
you should wait for market to completely close below the head and shoulder which is overall confirmation sign.
it can go above from here and than dump if this is eur overall looks weak so analyzing for now will enter next week
I compared EURO value to all major world economies outside of European Economic area (EEA) for an accurate evaluation of euro currency on global scale (USA, Canada, China, India, Japan, Russia, Ukraine, Brasil, Australia and South Korea).
And this is what we get in times of COVID crisis:
When COVID started in Wuhan and China international demand for EURO started...
This post is in continuation to multi time frame analysis linked to this idea.
Correction to uptrend is spotted as shown in chart.
Trade direction: Long
Entry: Upon 1D close above the correction pattern
Stop loss: 84.9
Target Duration: July -August 2020
I don't want likes, I want agreements / disagreements.
Please post your agreements...
Please find the hourly time frame analysis which was missed in previous posting. Previous posting on Multi Time frame analysis posted on 13.06.2020 is linked here with.
Its again a wait and watch situation for short/long/swing trading.
In my analysis posted on 12.05.2020, this correction channel was overlooked.
At present the price action is deviating the correction to uptrend.
1D close above the channel shall be bullish signal.
Targets are mentioned on chart.
Please comment with your views, agreement / disagreement.
EURINR is in an interesting pattern formation. If the current move after the flag is a flat, then the next move is an UP. I would need a flag or a lower degree flat to go long for a target to retest the recent top beyond the B of the flat. Its a simple "If-then-else" thought flow.
**This is not a trade advice**
1M chart below shows that the price action is contained within the disjoint channel and major support and resistance areas
1W chart below indicates that recently the price was rejected when it tested the resistance at 84.3 and is under consolidation. Any close above the this resistance in 1W timeframe shall...
Daily chart interpretation
1. Price action is predicted to be inside red downtrend channel. Yet the resistance line of channel is to be validated.
2. Resistance line of red channel shall be validated only upon price action breaking below the blue support line in correction.