E/U Daily Analysis
- Overall, M.A's crossed bullish. Still a bullish pair, keeping in mind we're on a pullback based off the Daily timeframe. Currently being met with daily support and the 38.2% retracement off the Daily.
- Down to H4. M.A's crossed bearish, structure broken, along with break of H4 ascending trendline.
- Next, H1. The timeframe I'm currently basing my structure off. M.A's crossed bearish. Clearly spotting the Lower Highs & Lower Lows being formed, supporting the bearish trend. Dragging Fibs. from the last PRZ retracement we get a 23.6% retrace, explaining the consolidation & eventual continuation, completing the ABCD pattern at -27% for about 30 pips. Keep in mind the 23.6% is not a valid PRZ so H1 structure formed on there can be broken on H1 but still maintain the bearish trend & direction based off H4 structure.
- Basically, until structure is broken I'm only looking for sells.
- Down to H4. M.A's crossed bearish, structure broken, along with break of H4 ascending trendline.
- Next, H1. The timeframe I'm currently basing my structure off. M.A's crossed bearish. Clearly spotting the Lower Highs & Lower Lows being formed, supporting the bearish trend. Dragging Fibs. from the last PRZ retracement we get a 23.6% retrace, explaining the consolidation & eventual continuation, completing the ABCD pattern at -27% for about 30 pips. Keep in mind the 23.6% is not a valid PRZ so H1 structure formed on there can be broken on H1 but still maintain the bearish trend & direction based off H4 structure.
- Basically, until structure is broken I'm only looking for sells.
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