Good day Traders, today I would be sharing my analysis on the EURUSD pair.
At the close of the week, 7th Aug, we can see clearly the formation of a bearish engulfing candlestick pattern which indicated some bearish momentum. However, we shouldn’t be in a rush to short this pair as we need more confirmation.
Also, price has hit an institutional reference point which caused the reaction as expected. To go short on this pair, I would like to see a break in the support level and the market forming more lower lows.
The keyword is PATIENCE, as price must show more willingness that it would like to go further downwards.
Make entries based on your criteria, and remember not to RISK more than 1% of your account size per trade.
My target objective: 1.14935 (Previous Weekly High)
Happy Trading Folks
At the close of the week, 7th Aug, we can see clearly the formation of a bearish engulfing candlestick pattern which indicated some bearish momentum. However, we shouldn’t be in a rush to short this pair as we need more confirmation.
Also, price has hit an institutional reference point which caused the reaction as expected. To go short on this pair, I would like to see a break in the support level and the market forming more lower lows.
The keyword is PATIENCE, as price must show more willingness that it would like to go further downwards.
Make entries based on your criteria, and remember not to RISK more than 1% of your account size per trade.
My target objective: 1.14935 (Previous Weekly High)
Happy Trading Folks