Good Day Everyone! Made some analysis regarding EUR/USD.
Color Legend: Purple - Monthly Blue - Weekly Red - Daily Green - 4 Hour White - 1 Hour
To get "straight" to the point. First look on the daily is showing us a strong Up trend, confirmed by a cross of the 200 EMA. Now ideally we can wait for a re-test of that area, the Daily closing candle is a Inverted Hammer/Shooting star. Usually a sign of a trend reversal, I'd wait for a confirmation of the uptrend, although I'm confident in its continuation. Regarding the Daily, a retracement is possible, and expected, to confirm the trend.
We closed the 4H with a doji/spinning top. Sign of an undecisive market. 4H showing clearer sign of a possible retrace towards 1,10640
The 1H is showing us an inclination to a continuation of the Bullish sentiment. We closed with a Inverted Hammer. It's a clear sign of a reversal, possible retrace. Expecting to retrace to 1,10640 as mentioned before, after finding support it is expected to continue in the upward move.
On the 30min we can see 2 tweezer tops. Confirming the previous bullish sentiment and a trend continuation.
Pivots are supporting the expected move towards 1,10640 - 1,10675 as there is a S1 Pivot Support on the hourly in those areas.
Please DO leave a comment, if you see it differently or if you agree. Possibly if i missed something feel free to leave a comment! Every feedback is appreciated, after all we are learning something new every day!
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