This is our Analysis on EURUSD, don't confuse this with a trading setup, The objective of the analysis is to study the pass of less resistance
once you identify this then you can create your setup.
Main Items on the Daily Chart
a)Price broke out the Wedge pattern
b)After that the price made a pullback to the Descending trendline of the wedge pattern
c)We think that the objective of the pullback was to take all the stops of the people that enter on long positions on the breakout
d)Following WYKOFF approach to the market, institutional traders need to accumulate and take all the possible stops before starting the new impulsive wave
e)We will wait for a similar scenario as the explained on the chart, before taking long setups
Weekly Chart:
once you identify this then you can create your setup.
Main Items on the Daily Chart
a)Price broke out the Wedge pattern
b)After that the price made a pullback to the Descending trendline of the wedge pattern
c)We think that the objective of the pullback was to take all the stops of the people that enter on long positions on the breakout
d)Following WYKOFF approach to the market, institutional traders need to accumulate and take all the possible stops before starting the new impulsive wave
e)We will wait for a similar scenario as the explained on the chart, before taking long setups
Weekly Chart: