Hello everyone,
Eurusd Technical study!
This is just another one of my very rare posts in this forums, yes you can tell, I am very bored <_<
as everyone noticed, US dollar have managed to play lower this week against the euro to hit as low as 1.4677 and then a sell pressure on late on firday's end of week have made the dollar close at 1.47 barrier against the euro, which is a significant low since the last push from 1.4475 to 1.5067, but what does that really tell us? let's check the charts and see!
Did we really reverse? and the trend is now down?
IMHO, NO.. at least not yet.. as you can see in the chart below, this channel we are trading in identify for me the trend for the euro, and as long as we are still into it.. I still consider it an uptrend!
So What is really happening?
Well, So far.. and just so far.. nothing.. a very normal retracment.. nothing special, let's take a look again at the same chart..
if you can easily notice, the euro always retracts to one of the fib levels after every push! 38 amd 50 levels been very common, this time we are exactly at the 61 level.. open ur chart and draw those fibs and make sure yourself.. just ignore the are where we were ranging..
So, So far.. I've made my point that the euro is still in its uptrend.. and again I say, So far.. as we all know everything can change in one day into this market.. but.. it's good to have the right view of where it is at least..
now let's take a closer look to this pair and see the potential moves..
as for me, I am not a turtle trader, and i'd like to take trades where I see a 30-50 pips potentail insight.. So I long/short where I think price have met a good and serious S/R level.. So let's see where are the potential trades for the euro for next coming days..
as we've mentioned above, euro is at exactly the 61 level of its last retracement.. and to add more details.. let's check the chart
the TL's I have in this H4 chart.. is the lines where I will be watching the euro behavior at and decides whether to go short or long upon what I see of the price close to these lines..
These TL's Provides Good S/R Levels and I don't trade first touch but a confirmation of the level.. so in few words.. if the TL Hold, I buy.. if it's a break im short.. easy and simple
and a closer view here
and ofcaurse, to watch the price really carefully and be insight just a little earlier.. H1 is the best chart to open and stare at.. with Pivot levels there.. everything will be ready..
at the end, I just want to say that I am not really good in explaining and elaborating things.. but I wish I've helped even one person here to see the charts clearer and in a better and cleaner view..
Happy trading
~Fay
Eurusd Technical study!
This is just another one of my very rare posts in this forums, yes you can tell, I am very bored <_<
as everyone noticed, US dollar have managed to play lower this week against the euro to hit as low as 1.4677 and then a sell pressure on late on firday's end of week have made the dollar close at 1.47 barrier against the euro, which is a significant low since the last push from 1.4475 to 1.5067, but what does that really tell us? let's check the charts and see!
Did we really reverse? and the trend is now down?
IMHO, NO.. at least not yet.. as you can see in the chart below, this channel we are trading in identify for me the trend for the euro, and as long as we are still into it.. I still consider it an uptrend!
So What is really happening?
Well, So far.. and just so far.. nothing.. a very normal retracment.. nothing special, let's take a look again at the same chart..
if you can easily notice, the euro always retracts to one of the fib levels after every push! 38 amd 50 levels been very common, this time we are exactly at the 61 level.. open ur chart and draw those fibs and make sure yourself.. just ignore the are where we were ranging..
So, So far.. I've made my point that the euro is still in its uptrend.. and again I say, So far.. as we all know everything can change in one day into this market.. but.. it's good to have the right view of where it is at least..
now let's take a closer look to this pair and see the potential moves..
as for me, I am not a turtle trader, and i'd like to take trades where I see a 30-50 pips potentail insight.. So I long/short where I think price have met a good and serious S/R level.. So let's see where are the potential trades for the euro for next coming days..
as we've mentioned above, euro is at exactly the 61 level of its last retracement.. and to add more details.. let's check the chart
the TL's I have in this H4 chart.. is the lines where I will be watching the euro behavior at and decides whether to go short or long upon what I see of the price close to these lines..
These TL's Provides Good S/R Levels and I don't trade first touch but a confirmation of the level.. so in few words.. if the TL Hold, I buy.. if it's a break im short.. easy and simple
and a closer view here
and ofcaurse, to watch the price really carefully and be insight just a little earlier.. H1 is the best chart to open and stare at.. with Pivot levels there.. everything will be ready..
at the end, I just want to say that I am not really good in explaining and elaborating things.. but I wish I've helped even one person here to see the charts clearer and in a better and cleaner view..
Happy trading
~Fay
Fay All Time Return:
-98.7%
