EURJPY Daily Analysis July 26th, 2020
EURJPY Short Idea
Higher timeframe analysis suggests an overall bearish trend but the 4hour has been extremely bullish since mid May.
Looking at the 4hour we can see that we will only be looking for long opportunities until we see a serious transition take place.
Two potential scenarios for price action:
1.Price action retraces, confirms a higher low and presents strong bullish setups. Look to target higher toward key resistance. (The blue trade path)
2. Price action pushes lower and breaks our 121.250 zone. Look to enter for short opportunities when a lower higher is confirmed. (The orange trade path)
Higher timeframe analysis suggests an overall bearish trend but the 4hour has been extremely bullish since mid May.
Looking at the 4hour we can see that we will only be looking for long opportunities until we see a serious transition take place.
Two potential scenarios for price action:
1.Price action retraces, confirms a higher low and presents strong bullish setups. Look to target higher toward key resistance. (The blue trade path)
2. Price action pushes lower and breaks our 121.250 zone. Look to enter for short opportunities when a lower higher is confirmed. (The orange trade path)
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