EUR/USD: Full Technical Analysis (Short Bias)
Updated
What’s up guys and welcome to my profile, my name is Gianni and today I’m going to analyse the EUR/USD pair, trying to translate the market information with a full technical analysis on different time frames perspectives.
For a better understanding of my bearish BIAS, let's have a quick look on the monthly timeframe:
As you can see in the chart, overall the market is trending to the downside and the last five bearish candlesticks are a clue of that.
Let's switch to the weekly timeframe:
During the last 4 weeks the market got a strong bearish impulse and now it’s getting a retracement, known as “market breath”, testing the level of 0.38 Fibonacci retracement, a level that usually work as market consolidation or market continuation.
In the daily timeframe I can better analyse this specific situation:
The price got a double rejection in the area between the 0.38 and 0.50 of Fibonacci retracement, creating a resistance area where I will be looking for a short opportunity.
Finally back on the 4h timeframe:
The market retracement happened following an ascending channel, breaking that at the beginning of December.
The price is actually consolidating, still below the moving average 200 and before to plan my short position on this trade, I will be waiting for the price to retest the resistance area with a bearish price action and a RRR 1:2 or greater.
Eventually the price will break the resistance level to the upside, that would mean a possible change of bias and the trade will be not valid anymore.
If you enjoy this trade idea, support my work with a thumb up and don’t forget to follow my profile for more detailed technical analyses!
Trade safe and responsibly,
Gianni
DISCLAIMER
Please note the views are not investment advice and should be used only for educational purpose
For a better understanding of my bearish BIAS, let's have a quick look on the monthly timeframe:
As you can see in the chart, overall the market is trending to the downside and the last five bearish candlesticks are a clue of that.
Let's switch to the weekly timeframe:
During the last 4 weeks the market got a strong bearish impulse and now it’s getting a retracement, known as “market breath”, testing the level of 0.38 Fibonacci retracement, a level that usually work as market consolidation or market continuation.
In the daily timeframe I can better analyse this specific situation:
The price got a double rejection in the area between the 0.38 and 0.50 of Fibonacci retracement, creating a resistance area where I will be looking for a short opportunity.
Finally back on the 4h timeframe:
The market retracement happened following an ascending channel, breaking that at the beginning of December.
The price is actually consolidating, still below the moving average 200 and before to plan my short position on this trade, I will be waiting for the price to retest the resistance area with a bearish price action and a RRR 1:2 or greater.
Eventually the price will break the resistance level to the upside, that would mean a possible change of bias and the trade will be not valid anymore.
If you enjoy this trade idea, support my work with a thumb up and don’t forget to follow my profile for more detailed technical analyses!
Trade safe and responsibly,
Gianni
DISCLAIMER
Please note the views are not investment advice and should be used only for educational purpose
Order cancelled
The market consolidated without giving any good entry point, according with my strategy.No action has been taken on this trade.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.