EURUSD Market Analysis and Trading Strategies.
*Personal Opinion
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Waveforms of each time leg
Weekly
Uptrend.
After rebounding from the horizontal level on the monthly chart, the price has resumed rising without forming a clear pullback up to the previous high.
Daily
Uptrend.
The previous high has been slightly broken, and the market is now in a correction phase.
4-Hour
Uptrend.
Currently in wave 4, a corrective phase of the uptrend.
Looking to enter a long position once the correction ends.
1-Hour
The location of the last swing high is unclear, but the chart shows a downtrend.
Trade Strategies
Strategy①
Trend-following long based on the daily and 4-hour charts.
Wait for a pullback on the 4-hour chart, and enter long when the lower timeframe trend breaks upward.
Strategy②
Trend-following short on the 1-hour chart.
Wait for a price move up to the top of the range, then look for a short entry.
Postscript Trade Strategies
Strategy①
The 1-hour chart has now shifted to a bullish bias.
Both the 4-hour and 1-hour charts are now aligned to the upside.
Watch the lower timeframes forming wave 2, and enter long once the short-term downtrend is broken.
Strategy②
If the 1-hour chart shifts back to a bearish bias, wait for a pullback ideally near the origin of the uptrend on the 4-hour chart before considering a long.
