EURUSD Market Analysis and Trading Strategies.
*Personal Opinion
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Waveforms of each time leg
Weekly
Uptrend.
The price is currently near the upper boundary of the channel.
Daily
The broader trend is upward, but recently the outlook has shifted to bearish.
The last lower high line of the recent downtrend is functioning as resistance.
4-Hour
The price clearly broke above the range high, but it bounced at the daily lower high line and returned back into the range.
The broader trend is still upward, but since the last higher low line that created the recent high has been broken to the downside, there is also a possibility of further decline.
1-Hour
Recently, it seems that buyers and sellers are in a tug-of-war.
Since the price has bounced at a rather indecisive level, there is a possibility that it may rise again.
Trade Strategies
Looking to sell on a pullback, aiming for the third downward wave.
Since the 50% Fibonacci retracement level overlaps with the trend reversal line, I will wait for the price to rise to that area.
If the price falls from the current level and forms lower highs and lower lows, I will look for a short entry down to the next horizontal level.
Since buy orders may come in near the lower boundary of the channel, close attention should be paid to price action there.
If a buy signal is confirmed at the current price level, I will also consider a long entry.
Checking currency strength shows that long positions are currently more favorable.
Currency Strength
【EURUSD】4H
EUR>USD
【GBPUSD】4H
GBP>USD
【USDJPY】4H
USD<JPY
【EURJPY】4H
EUR>JPY
【GBPJPY】4H
GBP=JPY
【EURGBP】4H
EUR>GBP
USD<GBP=JPY<EUR
