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Euroshort

EUR/USD Analysis for Week 21DISCLAIMER: Hi everyone, this is just a log book for me on applying everything that I have learned and continue to learn as I go along. That being said, I do not advise you to base your trading on these "ideas". Ok so this pair has been a bit tricky for me. A lot of volatility but we can manage. Let's take a look... Daily: Ok so on this daily we can see an uptrend since March of this year making higher lows and thus forming a trenline, and after that gap in April the price has shot up to a bit of a resistance level at 1.12777 that has been rejected but also forming support levels at 1.11387 which was rejected on Thursday and Friday. 4hr: Ok so lets take a look here at the trendline we drew last week. Out analysis last week was Long because of the price was touching the trendline and my analysis was that it would bounce off. So it played out well until Wednesday when there was some mayor news coming out for the Dollar. Two things happened here last week. I entered a short position on Tuesday which seemed that was gonna play out well, but the news made price hit my stop loss, only to come back, break the trendline and go way past my take profit. So I need to work on being patient, follow my analysis and not stick to the losses. Now back to the chart, the price bounced off our 1.11387 support to tap the trendline we had drawn and closing the week around that 1.11918 area that was previous support. So now it could be resistance? I cant give a certain movement on this pair. But I do believe that the price has been exhausted out and we will see the price start retracing on the long run.
Short
by EdwardFabianRamirez
2
KEEPING THINGS SIMPLE ON THE EURUD - BOREDOME BEFORE THE STORM?KEEPING THINGS SIMPLE ON THE EURUSD - BOREDOM BEFORE THE STORM ? (1 day, log scale) As said previously, the short-lived upward thrust for EUR into $1.17 has not been able to materialize. EURUSD is on the daily chart stil gyrating. Granted, 1.04/1.05 has again provided support, and so did the 1.105 provode resistance / did the 1.08 level provide support again. RSI divergences taking place on both sides... It's simply in a sideways market. Still. In all: I'd expect this thing to visit 1.08 again, 1.10 again, and anticipate a short visit to the upside (1.11 level, perhaps even overshoot to 1.12?) but this is only to complete the retracement from the previous fierce leg down, which started Oct. 15th at the 1.15 high, and ended on "D-Day" ;-) at 1.05. Note the Fib resistancelevel lining up with previous resistance. On the far bigger MONTHLY picture (see other chart) things look south (much) further. But let's first end this shorter leg up.
by JohnLaw
Stumbling the EURUSD legs by the dayKEEPING THINGS SIMPLE ON THE EURUSD / UPDATE (1 day, log scale) - tops have been tested, but could not get broken (even despite heavy volume) - we're ranging, now down again - note that the attempt to break the downward resistance line seems to hae failed - RSI is showing no bullish signs, though it is holding up. It broke the resistance line, now a retest. However, it's in neutral mode, and did not produce an overbought reading on the most recent leg. That serves as a warning: there's certainly not an uptrend. At least not yet. So instead, expect the downward pressure from the weekly/monthly to take over again, keeping EUR USD in the trading range. In all: re-test of 1.08-ish is the likely scenario. Again. Can it then hold, or will the higher time frames finally push it through there? Again, patience is needed.
Short
by JohnLaw