The risk-reward ratio is not great if the market retraces and we have another bullish candlestick signal on the 4 hr chart then I will enter Long
EURUSD upside movement may be capped by EURJPY resistance through a gap
On the Monthly chart, We have a bearish engulfing pattern after a small uptrend and since the ADX is sloping down it might act as a reversal signal
On the daily, the chart pattern indicates prices may go down.
If prices don't close the gap then, the bears will have their way to the lower trendline which will act as support and therefore I will sell all the tops...
Green lines for short term view, Red lines for long term view discussed in an earlier analysis. Check it out. Price is heading recent lows around 1.1 which is the target for the head and shoulders pattern. The price might then move down to the monthly support as there is a breakout on a rising wedge. If the target is hit then the monthly triangle will be broken...
EURUSD is at a very interesting point. It is near a support area on the monthly timeframe. If it closes below the bullish engulfing pattern on the monthly timeframe then I will continue being short to either of the support levels depending on whether it holds or not. ( Selling on all bearish candlestick signals on the 4-hour chart as long as there is a bearish...
A breakout of the trendline to the top is more likely in the near future.
Buying on all Bullish Candlestick patterns on 4 hr chart after a bullish engulfing pattern on the daily timeframe. If the week closes the gap the price might not go back down. It might go down to the previous bullish engulfing pattern and if the bottom does not hold we are looking for price...
