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 wick (shadow).
There is a strong expectation for further upward movement.
Daily
Uptrend.
The weekly high was broken with a real body candle.
4-Hour
Uptrend.
The high was updated, and the price is currently in a possible correction phase.
1-Hour
Uptrend.
Last Thursday, there was a sharp rise breaking the recent high, followed by a range within the price range from that breakout point.
The price dropped back to the breakout point once, briefly broke below with a wick, but then found support and bounced back.
The previous high does not seem to be strongly respected as resistance.
Trade Strategies
Strategy①
Follow the trend on higher timeframes and enter long.
Since the price bounced off the lower boundary of the 1-hour range, watch for a shift to an uptrend on lower timeframes to enter long.
It somewhat resembles an inverted head and shoulders pattern.
Strategy②
If the price pulls back again near the 1-hour support, consider going long from there.
Strategy③
If price breaks down below, consider short entries on lower timeframes.
However, note this would be a counter-trend trade against the higher timeframes, so caution is advised.
Postscript Trade Strategies
Strategy①
A clean 3-wave upward move appeared on the 1-hour chart, so target the 5th wave for a long.
Watch the sharp drop on the left side as a key level.
It is unclear where support will hold, so a sideways correction may continue for a while.
