EURUSD Trading Analysis

@Colibritrader

Dear traders,

I shared with you my thoughts about DAX in my last trading analysis. So far, DAX started going lower but I am not 100% convinced that it won’t make another high before continuing its downtrend.

Friday’s daily candle is a bearish rejection candle or a pin bar. It formed just below the supply zone, which is another reason to be careful.

I am potentially looking for a 4H confirmation in the form of a bearish engulfing or an inverted pin bar.

So far, I did only spot a 3-candle bearish engulfing on the 4H from Friday.

The daily close is somehow rejecting this scenario and now leaves us to wait for another bearish confirmation or potentially a rejection.

EURUSD Trading Analysis

Today’s analysis brings my attention to EURUSD. As you can see from the screenshot, there was an inside day just above a demand zone. Not to mention that a major support level is in place, too.

These two bullish indicators are telling me that shortly we might experience more buyers joining the queue.

For now, I will be following the 4H chart for more bullish confirmations.

A possible scenario is price retracing slightly towards 1.1200 and then forming a bullish candlestick pattern.

I am currently waiting for such a confirmation or a rejection of that scenario.

Happy Sunday,

Colibri Trader 

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