EURUSD - Bearish Strength being put to the test
Greetings Fellow Traders,
It's been a while since EURUSD got updated hasn't it? For good reason I've avoided pretty much all trades on EURUSD as the price action has been very sloppy and undecided. We've had a multitude of false breaks on the structure we had identified, but no confirmations. In all of the last several weeks of trading though, one thing remained untouched, and that was the weekly bearish strength trend line.
EURUSD has been trading just below it, and now as we are just a few hours away from Thursday's daily close we are withing 50 pips of it. As long as a structure has been proven it will be defended first, so look for bearish signs between 1.0950 and 1.10000 for a move lower.
If we manage to get a daily close above 1.1000 it could open up the door to long trades.
I remain overall bearish on this pair, we should have our answer very soon relatively speaking. Pay attention to the structure.
Feel free to comment/like/follow
It's been a while since EURUSD got updated hasn't it? For good reason I've avoided pretty much all trades on EURUSD as the price action has been very sloppy and undecided. We've had a multitude of false breaks on the structure we had identified, but no confirmations. In all of the last several weeks of trading though, one thing remained untouched, and that was the weekly bearish strength trend line.
EURUSD has been trading just below it, and now as we are just a few hours away from Thursday's daily close we are withing 50 pips of it. As long as a structure has been proven it will be defended first, so look for bearish signs between 1.0950 and 1.10000 for a move lower.
If we manage to get a daily close above 1.1000 it could open up the door to long trades.
I remain overall bearish on this pair, we should have our answer very soon relatively speaking. Pay attention to the structure.
Feel free to comment/like/follow
Commentaire:
Structure reinforced this week