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Good morning readers, today, EUR USD have an interesting setup for our daily trading. Where this pair is still in an interesting pattern for a few days.
Check out EURUSD on the weekly chart below:
Judging by the chart above, it looks like price EUR USD failed to build on the recovery as the euro was dragged down overnight by US dollar recovery efforts.
For today’s entry review, let’s look at the EURUSD on the 1-hour chart below:
Based on the image above,
I’ve found Even the following intraday support and resistance prices:
Resistance2 (R2): 1.0623
Resistance1 (R1): 1.0574
Support1 (S1): 1.0472
Support2 (S2): 1.0425
From the chart above, it can be seen that on this 1-hour time frame, the pair is EUR USD fell again, stuck in the multi-day range underlying the analysis of where the trend will be better if it is possible to break out of this range.
Also, when analyzing today, focus on the price reaction near the illustrated levels to confirm further interest and direction while keeping an eye on recent sentiment around the US Dollar and risk appetite for potential trends. Remain factual!
Use the volume type indicator to help us see the strength of the trade in each candle.
Today’s R1 and S1 levels will also gauge how much traders are interested in this pair. Watch what happens rejection or consolidation on these levels.
Just take a look
Well, in my view/prediction, based on the price action analyzed above, today we will try to see the available entry points. But technically not allow assumptions play then the best entry we can make is we will continue to see movement FINAL PRICE Pada candle 1 hour.
My setup for breakout opportunities EUR USD
Obtain : If the price of the 1-hour closing candle penetrates the R1 level perfectly (the body candle is far from the upper limit of R1), then get ready to look for the best BUY entry position, you can yours Also allow position to reach the R2 level (the strongest resistance level today) to see the market’s reaction to this level to go back up or not.
To sell : If the price of the 1-hour closing candle pierces the S1 level, then get ready to look for the best SELL entry position, you can also let your position reach the S2 level (the strongest support level today), to see the market reaction to that level to go back down or not.
My setup for the pullback opportunity
To sell : If the price of the 1-hour closing candle fails to penetrate the R1 level (e.g. forming a bear header), then be prepared to look for the best SELL entry position, but if the price breaks this level reaches and breaks through, prepare for a cutting loss. Can also be used at level R2.
Obtain : If the price of the 1-hour closing candle fails to penetrate the S1 level (e.g. forming a bull pin bar), then prepare to find the best BUY entry position, but if the price breaks through this level reaches and breaks through, then prepare to cut loss. Can also be applied to S2 level.
Use Risk reward always at least 1:1 or 1:2 and a trailing stop loss (manual or automatic) if required. You can use support and resistance levels for your analysis reference to set stop loss and perform cut loss, stay alert for price consolidation.
Continue to use good money management in each entry for continued healthy trading. Hopefully this article can be your reference in analyzing the market.
A NOTICE: If there is a pair that you would like to request for analysis, you can write it in the comment column, I will try to publish it in the next post. Many Thanks.