EUR/USD Potential Bull Trap

Dear Traders,

Happy Monday, hope you all had a good weekend. Quickly want to share the EUR/USD bias for the upcoming 2 two weeks.

To keep it simple and teach you guys more about multi timeframe analysis, I'll structure this idea per timeframe.

3M: Quarterly Demand was filled a while back at 1.09 combined with the .75 retracement at the Quarterly to push price up around 300 pips towards the current price.

1M: The Monthly chart is not that important in my analysis at the moment, price pushed higher due to the previous explained Quarterly chart and is currently sitting at a trendline and previous lows of the monthly bearish trend.

1W: The Weekly timeframe is very interesting and the most important one in my opinion! The weekly is sitting at .618 retracement of the last bearish leg, indicating a potential push to the downside the upcoming 2 weeks. Besides that, it makes totally sense to see institutions take profits of their quarterly position because price also reached the weekly 50 EMA today.

1D: The Daily timeframe is used to see some more detailed price action, and it shows us that price is currently at 1.12, previous supply in the markets. Expecting more deceleration the upcoming days and maybe a decline in the start of January, remember markets are not that liquid at the moment due to the holidays and weird price-action can happen. Be careful trading these days.

4Hour: Based on the timeframes mentioned above, the daily and weekly look bearish and the quarterly first Target is reached, which keeps my bias to the downside. But we need to watch the 4hour chart closely for real signals to the downside. Like a nice star formation on the 4hour chart would be nice to see; 'star formation is a bullish engulfing, doji, and bearish engulfing around the 1.12/1.122 price area.

1Hour: For the highest probability trade, I'll wait for a clean 1hour 50 Break and Re-test to see a intra-day trend change occur in the markets and take it to the downside.

Let's see what happens and have a great great new year.