EURUSD | Chapter 4 | Ursula 's last stand
Updated
This is a follow up of my recent EURUSD analysis (Linked in related ideas). I took another look and adjusted the S/R level and consider it broken.
However i still dont feel like taking shorts as we are approaching some major support levels aswell areas of interest.
For one its the psychological level - i could imagine it will be highly defended. Once broken price should drop accelerated - similiar to Oil in 2020. If price shouldnt show any reaction to this level i doubt that Support area 1 will hold price up for long.
My best bets for longs are currently at support area 2 and the ATL below it. What i prefer to see would be price pushing fast under the ATL but a daily or monthly close above it.
Takeaway:
- Aslong price didnt retake S/R level broken or taking out the ATL i dont really plan to go long
- Because of all the support areas below i dont plan to short at this time. However i will look for shorts once Support area 1 is broken on a timeframe like 4h or daily.
Good luck
Disclaimer:
- This information does not constitute as financial advice and is only for educational purposes. I am not your financial advisor.
- You trade entirely at your own risk
- Make your own research
- Finance and trading is evil, capitalism is bad, duh ;)
However i still dont feel like taking shorts as we are approaching some major support levels aswell areas of interest.
For one its the psychological level - i could imagine it will be highly defended. Once broken price should drop accelerated - similiar to Oil in 2020. If price shouldnt show any reaction to this level i doubt that Support area 1 will hold price up for long.
My best bets for longs are currently at support area 2 and the ATL below it. What i prefer to see would be price pushing fast under the ATL but a daily or monthly close above it.
Takeaway:
- Aslong price didnt retake S/R level broken or taking out the ATL i dont really plan to go long
- Because of all the support areas below i dont plan to short at this time. However i will look for shorts once Support area 1 is broken on a timeframe like 4h or daily.
Good luck
Disclaimer:
- This information does not constitute as financial advice and is only for educational purposes. I am not your financial advisor.
- You trade entirely at your own risk
- Make your own research
- Finance and trading is evil, capitalism is bad, duh ;)
Note
Psychological level 1 seems to work as support for now
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.