Topic: [Weekly updates] EURUSD trading strategy
1. Analysis of W1 trend chart
Chart of EURUSD frame W1:
The EURUSD trend on the W1 frame is in a down trend.
On the W1 frame, EURUSD is moving in a falling wedge pattern and there is a bullish reaction at the lower trendline of the falling wedge model.
In the trendline area under the Morning Star candlestick pattern appeared.
2. Analysis of chart trends D1
Chart of EURUSD frame D1:
The trend of EURUSD on D1 frame is a down trend.
However, after EURUSD created a new D1 bottom at 1.1030, the price increased strongly and broke through the resistance area of 1.1120.
EURUSD trading strategy is BUY next week, even weeks later.
3. Analyzing points in H4 chart
EURUSD chart H4 frame:
In the EURUSD analysis report last time, we recommended waiting for a BUY order at Fibonacci 50 - 61.8.
However, you can see there is no reverse signal at those Fibonacci levels.
EURUSD dropped to Fibo 78.6 to have strong reversal signal.
So the trading strategy will be BUY as soon as the session opens at 1.1137 or wait for the correction price to 1.1100 then BUY. SL 1.1040, TP 1.1240.
If you do not have the EURUSD order:
BUY or wait for BUY according to the above strategy.
If you have a SELL order:
Standard SL for SELL orders is far from current prices, so you should consider closing orders early when the market opens.
If you have a BUY EURUSD:
Keep BUY orders according to the above strategy.
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