EURUSD | Chapter 4 | Ursula 's last stand
This is a follow up of my recent EURUSD analysis (Linked in related ideas). I took another look and adjusted the S/R level and consider it broken.
However i still dont feel like taking shorts as we are approaching some major support levels aswell areas of interest.
For one its the psychological level - i could imagine it will be highly defended. Once broken price should drop accelerated - similiar to Oil in 2020. If price shouldnt show any reaction to this level i doubt that Support area 1 will hold price up for long.
My best bets for longs are currently at support area 2 and the ATL below it. What i prefer to see would be price pushing fast under the ATL but a daily or monthly close above it.
Takeaway:
- Aslong price didnt retake S/R level broken or taking out the ATL i dont really plan to go long
- Because of all the support areas below i dont plan to short at this time. However i will look for shorts once Support area 1 is broken on a timeframe like 4h or daily.
Good luck
Disclaimer:
- This information does not constitute as financial advice and is only for educational purposes. I am not your financial advisor.
- You trade entirely at your own risk
- Make your own research
- Finance and trading is evil, capitalism is bad, duh ;)
However i still dont feel like taking shorts as we are approaching some major support levels aswell areas of interest.
For one its the psychological level - i could imagine it will be highly defended. Once broken price should drop accelerated - similiar to Oil in 2020. If price shouldnt show any reaction to this level i doubt that Support area 1 will hold price up for long.
My best bets for longs are currently at support area 2 and the ATL below it. What i prefer to see would be price pushing fast under the ATL but a daily or monthly close above it.
Takeaway:
- Aslong price didnt retake S/R level broken or taking out the ATL i dont really plan to go long
- Because of all the support areas below i dont plan to short at this time. However i will look for shorts once Support area 1 is broken on a timeframe like 4h or daily.
Good luck
Disclaimer:
- This information does not constitute as financial advice and is only for educational purposes. I am not your financial advisor.
- You trade entirely at your own risk
- Make your own research
- Finance and trading is evil, capitalism is bad, duh ;)
Komen:
Psychological level 1 seems to work as support for now
