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 strong expectation for further upward movement.
Daily
Uptrend.
The weekly high was broken with a real body candle.
4-Hour
Uptrend.
Last week showed strong upward momentum, with a similar price range to the daily chart and a bullish bias.
There was a bounce at the previous daily high, and a short-term uptrend has formed.
1-Hour
The last swing low near the recent high was slightly broken with the candle body.
It may be better to consider a bearish bias on the 1-hour chart for now.
Trade Strategies
Strategy①
Ride the higher timeframe correction by trading the 1-hour downtrend.
Consider the current move as wave 1 down, and target wave 3 down after wave 2 correction finishes for a short entry.
Strategy②
Since a double bottom may form on the 4-hour chart, wait for price to drop to that level and consider a long entry there.
