EURUSD: Big room to Retrace, however, we are still BULLISH
Hello, everybody and welcome to Cybernetics Trading Lab, today we are going to analyse the EURUSD, translating the market information by using a full technical analysis on different time frames, giving you a personal opinion about the next most likely market movement and helping you to spot and manage market opportunities.
Top Down Technical Analysis:
Since November 2021, EURUSD has been moving clearly inside a descending channel, keeping this strong bearish momentum for a year!
At the end of September, the price reached an important level at 0.97000, bouncing on it with an interesting price action.
The price reversed, false breakout, sharp bullish impulse and proceeded breaking the main structure to the upside.
500 pip and more of long, the market currently reached a potential pivotal swing and the further price action will be essential to understand the next movement.
Although we strongly believe in a bearish correction after a such a huge move, in long term perspective we see this market reaching its next swing at around 1.06000.
When, where and why would we step into the market?
Unless this market will clearly show bearish price action and no momentum to the upside, we will just be looking for long position.
A consolidation is needed before the next movement, and we can see a retracement back to 1.0100 or 1.0000, before a potential continuation.
At the moment, we will keep an eye on the future structure and no action will be taken!
If you enjoy this trade idea, please support our work with a thumb up and don’t forget to follow our social medias!
Sincerely,
Cybernetics Trading Lab
DISCLAIMER
Please note the views are not investment advice and should be used only for educational purpose.
Top Down Technical Analysis:
Since November 2021, EURUSD has been moving clearly inside a descending channel, keeping this strong bearish momentum for a year!
At the end of September, the price reached an important level at 0.97000, bouncing on it with an interesting price action.
The price reversed, false breakout, sharp bullish impulse and proceeded breaking the main structure to the upside.
500 pip and more of long, the market currently reached a potential pivotal swing and the further price action will be essential to understand the next movement.
Although we strongly believe in a bearish correction after a such a huge move, in long term perspective we see this market reaching its next swing at around 1.06000.
When, where and why would we step into the market?
Unless this market will clearly show bearish price action and no momentum to the upside, we will just be looking for long position.
A consolidation is needed before the next movement, and we can see a retracement back to 1.0100 or 1.0000, before a potential continuation.
At the moment, we will keep an eye on the future structure and no action will be taken!
If you enjoy this trade idea, please support our work with a thumb up and don’t forget to follow our social medias!
Sincerely,
Cybernetics Trading Lab
DISCLAIMER
Please note the views are not investment advice and should be used only for educational purpose.
