EURUSD Trading Analysis

by: Colibri Trader

Dear all,

The trading analysis from last time acted as expected initially. GBPUSD went up to almost 1.3350, where was our target. The intraday charts were showing some rejection of the highs and also there was a bearish engulfing pattern, which started a sharp decline.

I did not manage to get into a short trade, but at least secured a part of my profits. Now, I am waiting to see how price will react to the 1.3000 level.

EURUSD Trading Analysis

Today’s analysis is coming from the EURUSD. I would be careful with this setup, since we are very close to a support level.

Nevertheless, the daily timeframe is showing us a bearish engulfing pattern. I would be happy to see a small retracement back to 1.1625 and possible a rejection of this level. If this happens, then we might have a good opportunity for a short trade.

I will be monitoring closely and still be careful with the 1.1570 level, since we have a minor support level there. This could be also a very short-term target. The next level of 1.1400 is a secondary target, which will be proven/disproven by the following days’ price action.

Happy Trading,

Colibri Trader

 

p.s.

Did you check out my article on TRENDLINES?

Let me know if you have any questions on: ADMIN@COLIBRITRADER.COM

 

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