Hello forex traders, & our dear subscribers, welcome again, to our Daily forex analysis channel. We will discuss about EUR USD currency pair today, & will try to predict price movement.
First, we will analyze EUR USD chart, using harmonic pattern, & then, we will justify that analysis, using our trend detection methodology.
Based on harmonic pattern in weekly chart, price might move 1,000 pips up. Now, let’s justify this analysis, using our trend detection methodology.
In daily chart, we can see that, price is almost at the edge of our moving average support line. Which means, price has weak uptrend.
Same goes to hour 4 chart, here price is at the edge of moving average support line, means, price has weak uptrend.
And in hour 1 chart, we can see that price has started an uptrend, and it is not a weak uptrend.
And finally, in 30 minute chart, we can see that, price has strong uptrend, and, this has been started a while ago.
Therefore, by looking at all the charts, we can assume that, price has started an uptrend, however, it is still not confirmed, or, it is weak for now. What we going to do? We will wait, until price move at least 20 pips up, and, we will open a buy, or long trade. And, our stop loss should be around 45-50 pips.
And, our 1st profit target should be around 150-200 pips, and, 2nd target could be around 250-300 pips, depending on market condition & trend strength.
That’s for today, don’t forget to subscribe our channel, & click on the bell button for notification for daily analysis. If you have any question, feel free to ask in comment section. See you tomorrow.
0 Comments