Request: EURUSD Short-term Analysis
Thanks for your interaction mates.. The most requested instrument was the EURUSD, two more are coming afterwards. Then i will try to add as many as i can :) .
So i will start by trying to analyze the technical position of the pair, defining the main technical key levels.
-We have been in a strong bearish trend that started in early May, however recently after testing 1.2500 the price has managed to break the first tier falling trend line, that usually hints a minor shift in behavior from strongly bearish to sideways-bearish
-The price has managed to pullback towards the previously broken swing low at 1.2858 and created a new swing high at 1.2886 as shown on chart, before heading lower again.
-The pullback took the shape of a minor rising channel or a continuation bearish flag pattern, and the price succeeded in the latest dip to break the support of that flag.
-However, the price found support at 1.2605 level, and is currently pulling back gradually higher.
-This overall behavior remains illustrative of a sideways to bearish bias for me.
- The price is testing the broken flag pattern now, so could find renewed downside pressures from here..The 50-days SMA is also near 1.2850 level, therefore, it might be a good area to scalp quick short trades among 1.2800-1.2850. targeting retest of levels near 1.2605 for now, a break below 1.2605 clears the way for the latest major swing low at 1.2500.
-Any extension of the bullish move should be limited below 1.3000 level, which is the main falling trend line for the overall bearish trend. A break with a daily closing above that resistance could have a bullish implication.
- Do not forget that trading is about probabilities, trades will definitely work some times, and definitely fail some times, so its all about how you manage it and execute it with a clear consistent method,, its all about keeping your profits bigger than your losses.
Hope you enjoyed it. :)
Best of Luck , join me at twitter.com/thefxchannel
Also at my Facebook page thefxchannel.com
My best regards,
Technician
So i will start by trying to analyze the technical position of the pair, defining the main technical key levels.
-We have been in a strong bearish trend that started in early May, however recently after testing 1.2500 the price has managed to break the first tier falling trend line, that usually hints a minor shift in behavior from strongly bearish to sideways-bearish
-The price has managed to pullback towards the previously broken swing low at 1.2858 and created a new swing high at 1.2886 as shown on chart, before heading lower again.
-The pullback took the shape of a minor rising channel or a continuation bearish flag pattern, and the price succeeded in the latest dip to break the support of that flag.
-However, the price found support at 1.2605 level, and is currently pulling back gradually higher.
-This overall behavior remains illustrative of a sideways to bearish bias for me.
- The price is testing the broken flag pattern now, so could find renewed downside pressures from here..The 50-days SMA is also near 1.2850 level, therefore, it might be a good area to scalp quick short trades among 1.2800-1.2850. targeting retest of levels near 1.2605 for now, a break below 1.2605 clears the way for the latest major swing low at 1.2500.
-Any extension of the bullish move should be limited below 1.3000 level, which is the main falling trend line for the overall bearish trend. A break with a daily closing above that resistance could have a bullish implication.
- Do not forget that trading is about probabilities, trades will definitely work some times, and definitely fail some times, so its all about how you manage it and execute it with a clear consistent method,, its all about keeping your profits bigger than your losses.
Hope you enjoyed it. :)
Best of Luck , join me at twitter.com/thefxchannel
Also at my Facebook page thefxchannel.com
My best regards,
Technician
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