EURUSD Market Analysis and Trading Strategies.
*Personal Opinion
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Waveforms of each time leg
Weekly
Uptrend.
The previous low was broken to the upside, leading to a support-resistance flip and another upward move.
Daily
Uptrend.
After a correction, the price is once again aiming higher.
4-Hour
The recent uptrend has broken down, and the current bias is to the downside.
The price has retraced nearly 90% of the initial upward wave.
1-Hour
The last swing high of the downtrend has been broken to the upside, shifting the bias upward.
Price is currently retracing back to the previous swing high.
Trade Strategies
Strategy①
A countertrend short trade against the 1-hour uptrend.
Even if this is wave 1 of an upward move on the 1-hour chart, the current correction feels too shallow.
Since a downtrend is forming on the 5-minute chart, wait for a pullback to the trendline and look for a short entry.
Strategy②
If a double top or similar pattern forms on the 1-hour chart, consider a short entry targeting wave 3 down on the 4-hour chart.
