EURUSD Trading Analysis

@Colibritrader

Dear traders,

My trading analysis from Sunday came up quite mixed.

  1. DAX’s inside bar was followed by a bearish engulfing candlestick and prices went down and then up again to form a trading range
  2. EURNZD continued its uptrend as expected and is possibly going to reach for the next resistance level

EURUSD Trading Analysis

Today I have been following the EURUSD.

It looks like this pair might be ready for some fresh lows.

There was a bearish engulfing candlestick on the daily chart. It is indeed a very interesting formation, since I can also see an inside day candlestick.

This could be a very powerful indication for the downtrend since it combines two candlesticks in one.

There is a mini supply zone just above the current price and I would ideally like to see this pattern forming above this area, but will still look for a 4H confirmation during tomorrow’s session.

Attention: Be careful in any case, because the price is just located in a tight range and even if it goes lower, the move might be short lived once price meets the support at 1.1175.

Happy Trading,

Colibri Trader 

p.s.

Have you checked my article on Point and Figure charts 

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