EUR/USD fell on Friday and made a new low to reach 1,0460. Then recovered to trade again above 1,0500. The short, medium and long term is negative and a move below 1.0460 will take the pair up to 1,0360 minimum of 8 January 2003. However caution is recommended as the RSI went out of their oversold territory with a positive divergence with price. The MACD is above its signal line pointing up. https://bewayopa.wordpress.com/
Consolidation continued for EUR/USD today after the pair formed a doji candlestick on the four hour filter chart above the support at 1.0490 and climbed over 100 pips. The pair is likely headed for 1.08 or even 1.10, but I doubt this is the end of the bearish trend.
Trading forex is much more simple that it appears, the secret is to forget ego. Too much 'I think', 'I hope', 'In my opinion', 'According to me', 'I doubt'... all these dirty thoughts lead to faillure, as market is the only one which is right 100% of time.
Also it looks like a lot of traders are confused by 'market is breathing' & 'market is rallying'
csc2009 posted: Eur/Usd's upward corrective movement extend further, but lost it's strength when reach the daily high of 1.0618. The bearish trend will likely resume with a break below the 1.0550 level.
I agree with your analysis, upward potential has lost momentum, couldn't stay above 1.06 level.
You see two blue colored boxes... If the bid of EU closes across the price of 1.05892 on the 5m BEFORE touching the price of 1.05556 then EU is back to a scalp and breakout buy. Until the price of 1.05875 is closed across then EU is not a scalp buy. At the moment I am only looking to buy EU, and after today's increase in price I have profited over 40% by simply buying. Please be advised that until EU closes across 1.05892 on the 5m then it remains as a scalp sell.
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