Dear traders,

Last time I wrote about USDJPY.

There was a pinbar and the price has gone up around 200+ pips since I wrote this article.

I am not in a long trade myself and currently am not looking to long or short this pair.

On the other hand, the price is currently in a minor supply zone and it looks like there is some resistance building up:

I am not certain yet if there might be a bullish continuation or a bearish reversal.

Currently, I am looking at the EURUSD pair.

EURUSD Trading Analysis

Today, I am looking at the EURUSD pair.

It looks somehow similar to the USDJPY pair.

The price has gone down to a minor demand zone. It looks like we might either have a breakout or a reversal.

Easy to say, but what shall we do?

Nothing for now.

I will be closely monitoring the price, though.

There are 2 possible scenarios here.

  1. The price rejects this zone and reverses higher
  2. The price confirms the level and continues lower

Either way, I will ideally like to see a confirmation from price.

This could be a pin bar or a bullish/bearish engulfing pattern.

Here is the 4H chart:

I will be looking for the daily close and then a confirmation from the 4H chart.

Ideally, I would like to have a confirmation.

Then, if all stars align, I might pull the trigger.

Happy trading,

Atanas