EURUSD TRADE ANALYSIS by WAVE FX Academy
Hi Traders, here is my analysis for EURUSD
Technical Analysis:
Monthly Timeframe:
Strong Downtrend market is still evident on the monthly Timeframe with price action consolidating beneath a strong resistance level as well. Though Price has broke out and close above the trendline resistance, I would be very cautious with opening Long position from these highs given the price level on the monthly.
Weekly Timeframe:
Analysis on the Weekly is is showing where the market has broken out of its downtrend market environment and has also complete a possible 3rd wave of a new bullish run emerging in the market for the euros. If the 3rd wave is indeed complete, then we should be expecting the fourth wave corrective based on Elliot wave analysis, which would provide confluence of a retracement given that the market structure on the Monthly is showing price at key resistance.
Daily Timeframe:
Clear market consolidation evident from a daily perspective and based on current market structure, we can see the market break to either side. Given my analysis of the weekly and monthly I would definitely want to see the market breakdown lower before I look towards buying. On the short term i would bee looking at a short position should the conditions favours it.
My overall bias is still LONG and to see price action hitting 1.2500 I've labeled the areas based on what I will be anticipating.
An entry will be taken only if all rules of my strategy are satisfied.
Add this pair to your watchlist and see if the rules of your strategy provides an entry.
Like and Comment your thoughts . All feedbacks are welcome.
If you are new to FOREX trading, here are the definition for words you may seen mentioned above.
Price Action: Change in the price value of a traded instrument whether Forex, Commodities or Indices.
Market Structure: This is classified as any group of candlesticks placed together with the use of Support, Resistance and Trendlines. once grouped they would provide a pattern to indicate a possible movement in price action.
Support: Areas in the market where price tends to reverse after a sell off (lower price action)
Resistance: Areas in the market where price tends stop, pause or reverse after bull run (higher price action)
Uptrend: price action in the market creating a series of high highs and higher lows.
Downtrend: price action creating a series of lower lows and lower highs Long: Taking a position to buy the base currency
Short: Taking a position to sell the base currency.
Technical Analysis:
Monthly Timeframe:
Strong Downtrend market is still evident on the monthly Timeframe with price action consolidating beneath a strong resistance level as well. Though Price has broke out and close above the trendline resistance, I would be very cautious with opening Long position from these highs given the price level on the monthly.
Weekly Timeframe:
Analysis on the Weekly is is showing where the market has broken out of its downtrend market environment and has also complete a possible 3rd wave of a new bullish run emerging in the market for the euros. If the 3rd wave is indeed complete, then we should be expecting the fourth wave corrective based on Elliot wave analysis, which would provide confluence of a retracement given that the market structure on the Monthly is showing price at key resistance.
Daily Timeframe:
Clear market consolidation evident from a daily perspective and based on current market structure, we can see the market break to either side. Given my analysis of the weekly and monthly I would definitely want to see the market breakdown lower before I look towards buying. On the short term i would bee looking at a short position should the conditions favours it.
My overall bias is still LONG and to see price action hitting 1.2500 I've labeled the areas based on what I will be anticipating.
An entry will be taken only if all rules of my strategy are satisfied.
Add this pair to your watchlist and see if the rules of your strategy provides an entry.
Like and Comment your thoughts . All feedbacks are welcome.
If you are new to FOREX trading, here are the definition for words you may seen mentioned above.
Price Action: Change in the price value of a traded instrument whether Forex, Commodities or Indices.
Market Structure: This is classified as any group of candlesticks placed together with the use of Support, Resistance and Trendlines. once grouped they would provide a pattern to indicate a possible movement in price action.
Support: Areas in the market where price tends to reverse after a sell off (lower price action)
Resistance: Areas in the market where price tends stop, pause or reverse after bull run (higher price action)
Uptrend: price action in the market creating a series of high highs and higher lows.
Downtrend: price action creating a series of lower lows and lower highs Long: Taking a position to buy the base currency
Short: Taking a position to sell the base currency.
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