EURUSD Market Analysis and Trading Strategies.
*Personal Opinion
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Waveforms of each time leg
Monthly
Downtrend.
Buying pressure appears to be strong.
It is uncertain whether the current wave will make higher highs and higher lows.
Weekly
Bias is upward.
Price moved sideways, then sharply dropped and sharply rose.
If we assume the current movement is wave 1 of an uptrend, a correction phase should come at some point.
Alternatively, this may be wave 3 of a larger trend, possibly targeting the upper channel boundary.
Daily
Uptrend.
Whether price will rise to the previous high remains to be seen.
The wave count can extend to wave 5, so the current movement could be wave 2 correction downwards, with wave 3 down starting next.
4-Hour
Uptrend.
Recent highs are not strongly respected, and price may retrace to the last swing low.
15-Minute
Since the 1-hour wave structure closely matches the 4-hour, the 15-minute chart is considered to be forming the 4-hour wave pattern.
Downtrend.
Price has retraced nearly 90% of the last pullback high and is now falling again.
Trade Strategies
Strategy①
Follow the 4-hour uptrend and enter long.
Confirm trend reversal on the 15-minute chart before going long.
Target the current highest high.
Strategy②
If price breaks below the last swing low on the 4-hour chart, consider short entry targeting wave 3 down on the daily chart (hypothetical) and wave 3 down on the 4-hour chart.
Strategy③
Ride the 15-minute downtrend and enter short on the 5-minute chart.
Since the 5-minute uptrend is broken, enter short aiming for wave 3 down.
Confirm the trend reversal of wave 2 on the 1-minute chart.
