"EUR/USD: Bearish Wave Anticipated Post-Recent Weekly CHoCH
Hello, traders!
I'm sharing my analysis on the EUR/USD pair, which currently exhibits a fascinating dynamic. Despite a recent uptick in the price, I maintain a bearish perspective based on the weekly chart. This viewpoint is reinforced by a recent change in character that we've observed.
Let's dive into the specifics:
Entry Point: I'm eyeing an entry at 1.08730. This level is carefully chosen based on the current market movement and my analysis.
Stop Loss: To manage risk effectively, I've set the stop loss at 1.08730. This is crucial to protect against unexpected market shifts.
Take Profit Levels: My strategy involves multiple take profit points. The final take profit (TP3) is set at 1.10937. However, there are additional take profit levels (TP1 and TP2) as indicated in the accompanying chart.
Analytical Tools Used: My analysis heavily relies on the Fibonacci retracement tool, applied to the daily chart. This has been instrumental in determining the potential reversal zones and guiding my decision-making process.
In summary, although there's an uptrend in the short term, the overall bearish trend on the weekly chart and the recent character change suggest a potential decline in the EUR/USD pair. As always, I recommend traders to do their due diligence and manage their risks accordingly.
Happy trading!
I'm sharing my analysis on the EUR/USD pair, which currently exhibits a fascinating dynamic. Despite a recent uptick in the price, I maintain a bearish perspective based on the weekly chart. This viewpoint is reinforced by a recent change in character that we've observed.
Let's dive into the specifics:
Entry Point: I'm eyeing an entry at 1.08730. This level is carefully chosen based on the current market movement and my analysis.
Stop Loss: To manage risk effectively, I've set the stop loss at 1.08730. This is crucial to protect against unexpected market shifts.
Take Profit Levels: My strategy involves multiple take profit points. The final take profit (TP3) is set at 1.10937. However, there are additional take profit levels (TP1 and TP2) as indicated in the accompanying chart.
Analytical Tools Used: My analysis heavily relies on the Fibonacci retracement tool, applied to the daily chart. This has been instrumental in determining the potential reversal zones and guiding my decision-making process.
In summary, although there's an uptrend in the short term, the overall bearish trend on the weekly chart and the recent character change suggest a potential decline in the EUR/USD pair. As always, I recommend traders to do their due diligence and manage their risks accordingly.
Happy trading!
Penafian
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