Engulfing candles = ⬆️ Probabilities of Momentum
Updated
Zooming out and observing EU price behavior so far thus year, we discover that each time the Exchange rate pulls back down, it begins to turn back to the upside at about 500 Pips
0:0 Monthly timeframe
2:14 Weekly timeframe
3:52 Daily timeframe
8:50 4hr timeframe
13:35 1hr timeframe
Hey Everyone, a longer analysis today. Omg it took me like nearly 2 hours to upload this one today after having issues with uploading due to internet connection. Hope you enjoy have a good trading day.
In the previous publishing, I was anticipating EU to rise from 1.088 back to 1.09 before contiuing the downward trend. Why 1.09 you may ask? Well 1.09 is the weekly support level created in June/July . The weekly candle last week failed to respect this 1.09 weekly support level. In the market, Support level's become Resistance level's and vice versa. So knowing this, I was able to captilize on the downside push today and was not surprised to see it occur. Observing the daily candle today, we can see that the Daily candle closed below our daily support level at 1.0853. Similarly, we now may anticpate this previous support level to now faciliate a selloff and continuation to the downside. Because I enjoy following the trend. You can be a contrarian, and that is fitting to some personalities. The Daily candle signaled quite a strong selloff after it hit the previous daily candle highs, grabbed liquidity , then teared lower & breaking hearts finishing the day down .45% and closing below all candles to the left hand side. 1.07452 or 1.07 asking too much by end of August Eurusd?
0:0 Monthly timeframe
2:14 Weekly timeframe
3:52 Daily timeframe
8:50 4hr timeframe
13:35 1hr timeframe
Hey Everyone, a longer analysis today. Omg it took me like nearly 2 hours to upload this one today after having issues with uploading due to internet connection. Hope you enjoy have a good trading day.
In the previous publishing, I was anticipating EU to rise from 1.088 back to 1.09 before contiuing the downward trend. Why 1.09 you may ask? Well 1.09 is the weekly support level created in June/July . The weekly candle last week failed to respect this 1.09 weekly support level. In the market, Support level's become Resistance level's and vice versa. So knowing this, I was able to captilize on the downside push today and was not surprised to see it occur. Observing the daily candle today, we can see that the Daily candle closed below our daily support level at 1.0853. Similarly, we now may anticpate this previous support level to now faciliate a selloff and continuation to the downside. Because I enjoy following the trend. You can be a contrarian, and that is fitting to some personalities. The Daily candle signaled quite a strong selloff after it hit the previous daily candle highs, grabbed liquidity , then teared lower & breaking hearts finishing the day down .45% and closing below all candles to the left hand side. 1.07452 or 1.07 asking too much by end of August Eurusd?
Note
price did a continuation as expected down to the 4hr support zone 1.081 ! Trade closed: target reached
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