Last time I wrote about EURUSD.
Since then, the pair has gone down almost 500 pips before recovering a few.
Currently, the technical outlook is a lot less bullish than it was when I last wrote about it.
It does not mean the pair has run out of steam.
More likely we will probably experience just a slowdown.
Will I do anything?
Well, for now there is not particular reason for that.
One thing I have noticed is that the price is standing just around a major demand zone.
This might get spotted by new market participants soon and lead to a change in bias.
So, possible bullish move on the horizon, but before that we will need to get confirmation from price.
GBPUSD Trading Analysis 21.07.2021
I am looking at the GBPUSD.
It certainly looks more bullish than last time.
The price is positioned just around a major demand zone.
There is a pin bar candlestick on the daily chart.
I will reveal a little secret.
We’ve been long since this afternoon in my day trading room.
I took a long intraday trade (based on my day trading strategy), which is turning into a swing trade.
Here is the trade👇🏽
Even though this trade is already standing at roughly 1:7 as per my day trading strategy, I believe there is a chance for another re-entry.
But before that happens, I would ideally be looking for the price to come back down a bit and form a candlestick confirmation pattern on the 4H chart.
So far, the technical look bullish, but this might change at any point in time.
Did you check my recent article on 5 Real Dow Jones trades? More examples of trades like this intraday GBPUSD trade there.
Sometimes two break-even trades are better than one barely profitable trade.