Similar to my analysis on GBPUSD, EURUSD has been trending lower for the past few weeks which indicates that we still trading in a bearish market. As noted on the chart. Price is doing now what I like to call a true daily pullback. However, similar to GBPUSD, we can note that such pullback is coming with a lot of bullish momentum therefore a trade could not be opened until confluences matches in any of the marked areas and confirmation is given that price wants to trade lower. What I don't like about EURUSD market structure is that the last swing low didn't surpass the previous daily swing low, which could indicate that sellers are still strong in this market. As of right now, the levels that give the most confluences for possible short entries are the 0.705 of the fibonnaci and the 0.886 of the fibonnaci when measured from the extreme high and extreme low of the daily timeframe candles. Do not open never any trades blindly and always wait for a swing high candle stick formation in this case at any of the levels marked. If price manages to break structure and trend higher, then a complete shift of market structure will be shown and bias will change to seek for buying opportunities. Important to note that break of structure must happen with candles of higher timeframes and not lower timeframes in order to avoid any fakeouts.
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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.