EURUSD Market Analysis and Trading Strategies.
*Personal Opinion
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Waveforms of each time leg
Weekly
Uptrend.
The previous high was broken by the wick of the candlestick,
but not by the candle body,
so as of now, there is no confirmed breakout to a new high.
Daily
Uptrend.
The weekly high has been broken by a candlestick body.
4-Hour
The recent price action is choppy,
but it is in a range between 1.14050 and 1.16311 with a bullish bias.
The question is whether the market will continue to consolidate,
or resume its upward movement.
1-Hour
The downtrend has been broken,
and currently, both highs and lows are rising, indicating an uptrend.
Since the price is around the midpoint of the 4-hour range,
there’s a possibility that the market may lack clear direction at the start of the week.
Trade Strategies
Strategy①
If there is a corrective pullback,
consider buying on a dip either at the support-resistance flip line on the 4-hour chart
or near the recent higher low.
There is also a possibility of a double bottom forming at the support-resistance flip line.
Strategy②
Looking to enter a long position
from around the lower boundary of the 1-hour range
up to the upper boundary.
If the price breaks above the range high and updates the recent peak,
the next target will be the area likely to act as the next resistance.
Strategy③
If the price breaks below the lower boundary of the 1-hour range
and the 1-hour trend shifts to bearish,
consider a short entry on the lower timeframes.
