EURUSD Market Analysis and Trading Strategies.
*Personal Opinion
Waveforms of each time leg
Weekly
Uptrend.
The recent high has been broken to the upside.
Daily
Uptrend.
After a sharp rise, the market entered a correction phase and is now attempting to retest the previous high.
4-Hour
The trend has shifted from down to up, with the last swing low being broken again.
However, the breakout is still shallow, so there is a possibility it could be a fakeout.
15-Minute
Downtrend.
There appears to be some consolidation around the 4-hour chart’s support/resistance flip level.
Trade Strategies
Strategy①
If the horizontal line currently acting as support is clearly broken downward, consider a short entry on lower timeframes targeting the next key support level.
Strategy②
Wait for wave 2 correction on the 4-hour chart, then aim to catch the wave 3 down.
Confirm a trend reversal on a lower timeframe before entering short.
