EURUSD Market Analysis and Trading Strategies.
*Personal Opinion
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Waveforms of each time leg
Weekly
Uptrend.
The recent high was broken by a candlestick wick.
Daily
Uptrend.
The weekly high has been broken by a candlestick body.
4-Hour
Uptrend.
Within the range of 1.14050 to 1.16311, a downtrend has formed on the lower timeframes.
The previous high line is acting as support, forming a small double bottom and currently rebounding.
1-Hour
The downtrend has been broken, and an uptrend is forming with higher highs and higher lows.
Wave 3 is slightly short, but the market may currently be in an upward Wave 4 correction.
Trade Strategies
Strategy①
Entered a long position following the uptrend on the 1-hour chart.
Since Wave 3 is short, there’s still potential for further upward movement. If the current resistance line is broken, a breakout entry could target the next resistance level.
However, the price range is narrow, so there might not be a good entry opportunity.
Strategy②
There is a possibility of a double bottom forming on the 4-hour chart, so considering a long position around the current support level.
If the price continues to correct and drops to the 4-hour swing low, a long position will also be considered around that area.
