EURUSD H4 - Important Levels for Monday & Tuesday
Okay folks, I just finished my analysis for EURUSD on H4 chart and after filtering out some noise, here is what I came up with:
Okay folks, I just finished my analysis for EURUSD on H4 chart and after filtering out some noise, here is what I came up with:
- We have 3 important channels steering the overall trend, which is still bullish:
- BLUE channel is the mother of all the others. The thick edges of this channel should be considered as highly powerful to keep price inside her borders.
- GREEN channel is still developing. 1.15 level seems to be the mainly focused target where bulls want to reach first. The hesitant and choppy priceaction we started noticing since end of May might be caused by the flat angle of this green channel.
- RED channel is the little bastard that acts like a fast & furious car driver. It makes crazy spins and drifts to give bears serious heart attacks BUT I want you to notice that candles have started forming below its pivot line. Additionally the H4 chart couldn't make a new higher high so far. And last but not least: Candles started crossing into 10 EMA which also shows that bears started to show themselves. These are all tiny signals but they are still not enough to confirm a trend change.
- Bears must break out of red channel first:
- To do so they need to crack the lower edge of channel at 1.1355 TOGETHER WITH the green channel pivot at 1.1318. In other words, as long as price is above 1.1318 my overall bias will stay bullish.
- Let's say if price breaks out of red channel, then the first retracement will probably try to retest 1.1355 level. So write this level down somewhere because we possibly will visit it again and again in following weeks.
- Next possible scenarios:
- If bear power can get us out of red channel the next strongest target would be 1.1140/50 zone. And vice versa, if bulls can keep price above 1.14, the following targets would be 1.15 or even 1.1560/70 zone as an extension.
My humble opinions. I wish you all a happy Sunday. Hopefully see you right after market opening.
Peace out..
Be a seer, not a looker!
Ata's Trend Hunter V3.6 All Time Return:
5.9%
7