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.
Currently in a correction phase.
4-Hour
Uptrend.
Within the range of 1.14050 to 1.16311, a downtrend has formed on the lower timeframes.
Focus on which price levels will act as support.
1-Hour
The last swing high is unclear, but the downtrend is definite.
Short-term, it may be possible to target the support line on the 4-hour chart.
Trade Strategies
Strategy①
Target the 5th wave down on the 1-hour chart for a short entry.
Pay close attention to price action around potential resistance zones.
Strategy②
Watch for reactions at support levels on the 4-hour chart and consider going long if supported.
