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).
Afterwards, price was pushed back, but there is still strong expectation for further upward movement.
Daily
Uptrend.
Price broke above the weekly high with the candle body.
Currently in a correction phase.
4-Hour
Uptrend.
Yesterday, price rose without forming a significant pullback.
1-Hour
Uptrend.
Within the range between the recent high and a nearby point, a downtrend has formed on lower timeframes.
Currently, price has fallen near the previous high, so attention is on where support will hold.
Trade Strategies
Strategy①
Check price action around a potential support line on the 1-hour chart and consider going long.
If price breaks below the 1-hour swing low, temporarily avoid entering.
Strategy②
It’s uncertain how long the correction will last, but consider buying the dip near the 4-hour support-resistance flip line or at a higher low.
