EURUSD Market Analysis and Trading Strategies.
*Personal Opinion
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Waveforms of each time leg
Weekly
Uptrend.
The price has reached the upper boundary of the channel.
Daily
Uptrend.
A downtrend had formed from the upper to the lower boundary of the channel, but the last pullback high was broken to the upside with candlestick bodies.
However, since the price is currently near the upper boundary of the weekly channel, caution is needed.
4-Hour
Uptrend.
The price has bounced at the channel’s upper boundary and is currently in a correction.
I will focus on the price action around the previous high line and the 21-day moving average.
1-Hour
The higher timeframe is in a correction phase, and a downtrend has formed on the 1-hour chart.
The FOMC interest rate policy announcement caused a temporary sharp move in the price.
Trade Strategies
Since the daily trend reversal line is also highly respected on the 4-hour chart, I will look for a pullback buy around that price zone.
Although it is counter-trend against the higher timeframe, I am also considering a short by following the downtrend on the lower timeframes.
If the price reaches near the upper boundary of the descending channel, I will narrow down an entry point on the shorter timeframes and aim for a short-term trade.
Currency Strength
【EURUSD】4H
EUR>USD
【GBPUSD】4H
GBP>USD
【USDJPY】4H
USD<JPY
【EURJPY】4H
EUR>JPY
【GBPJPY】4H
GBP>JPY
【EURGBP】4H
EUR>GBP
USD<JPY<GBP<EUR
