EURUSD Analysis
EURUSD has continued it’s overall bearish trend for the past few weeks. But just last week, the price has stopped its downward push and it looks to be retracing. I really want to get a share of the bearishness of this pair but for me to enter the trade, I want this pair to retrace first. I highlighted an area of a possible resistance to the pair since this area has served a very good support before. I will look for a possible short entry in this area this coming week. I am worried though that the market will retrace a little farther up and reach the 0.382 or 0.50 fib level.
If we look at the 4HR time frame, there is a trend line that will be tested around the highlighted area if the market will continue it’s retracement. I was also able to find another resistance line at 1.090 where it was able to support and resist the price action historically. I now have two more valid reasons where this market could potentially stop it’s retracement.
If we look at the 1hr time frame, we can also see a possible completion of a bearish gartley pattern at around 1.0870 as shown in the published setup.
There are a lot of reasons where the EURUSD would be a sell in the coming days but all of these plans will only be valid if the price would actually retrace to the specified levels. I am hoping to see the market slow down it’s retracement in those key areas and hint a continuation of the downward move so I could enter this bearish market as planned. Hoping for the best.
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