The most traded currency pairs in the world are called “the Majors” and the EURUSD leads this group as the most traded pair in the world. This pair represents the world two largest economies and has faced most volatility since the inception of the euro in 1999.
Buy above 1.1747. Stop loss at 1.1709. Take profit at 1.1878.
Reason for the trading strategy (technically):
Price has touched our entry and bounced off perfectly as expected. We remain bullish above major support at 1.1747 (Fibonacci retracement, horizontal overlap support, bullish divergence) for a push up to at least 1.1878 resistance (Multiple Fibonacci ...
Descending (blue) resistance line coming from 1.2080 is active and being tested once again. If broken the red resistance line is just above around 1.1900.
In case red resistance line is also overpassed, this might be a bullish signal to test 1.2080 again.
If price rebounds from the descending (blue) resistance line, I expect a move down to the (orange) neckline ...
Most of the retail traders are just short term traders: watching only the 5 minutes and 30 minutes chart.
What is happening in EurUsd is a typical example why traders should never forget about the Big Picture.
Trading based only on the 5 minutes and 1 Hour chart without watching the daily and the weekly chart is a guarantee of a blown up account.
The 30 min chart ...
The movement of the euro from 1.1730 to 1.1822 may be interpreted as a correction movement. As long as we do not see a price movement above 1.1822, which is 61.8% of Fibonacci, we can call the new target for Euro 1.1670.
Watch carefully the price, if the price of EUR/USD goes above the resistance( white ) line, then you could start buying. If it hits it and you see red candles forming, then it won't keep going up, and you could short.
Basically, if goes above the resistance line and breaks it, then go bullish, otherwise you can stay bearish. Just watch carefully.
EURUSD pair has developed some very interesting and mixed signals. The upward primary trendline has been broken, which is the first reversal signal, CCI and RSI are also pointing towards trend reversal. To confirm the bear market the price needs to break below 23.6% fib 1.1720 level.
BUT I have also noticed a bullish pennant developing and MACD has no clear ...
False breakout due to FOMC news by the United States
Bolinger bands on 1hr and 4hr chart are over-extended as well as an overbought RSI reading
Day traders should want to lock in profit soon and set the downtrend in motion
Trade at your own risk. We got a potential bearish pattern setup by which is a gartley pattern and we could go for a potential 3 targets on another pattern completion for a trade opportunity in the future depending on future price action. Pattern inside Pattern. Take note of the pattern's POR as well.
