EUR/USD multi timeframe analysis
2019-11-11 03:30:26
Hy guys!
On the weekly timeframe, we can see, that there has been a big bearish move since the beginning of 2018. The last week from November the 4th till November the 8th we have seen a formation of a big bearish candle, that has erased the bullish movement that the market made in the previous three weeks. That is a strong indicator of a bearish direction, and a resistance level, from where the candle has bounced off. This level is also reinforced by the 0.382 Fibonacci retracement level. Expecting more bearish movement on the weekly timeframe.
https://www.tradingview.com/x/64qAnNNU/
On the daily timeframe, there was recently a double top formation, which has resulted in a bearish move as we have anticipated. Looking for the move to the downside to continue, until it hits the 0.236 Fibonacci retracement. From there, we are expecting a bullish bounce.
https://www.tradingview.com/x/Ppk8juqx/
On the four hour chart, we can see the double top formation very clearly. As the bearish move has gone far enough to the downside in our opinion we are looking for the reversal of the price movement. It may happen at the indicated support line.
https://www.tradingview.com/x/hG65rGAU/
As this is the timeframe on which we trade, we are waiting for the price to hit the indicated blue support level, and are looking for a bullish bounce from there. We have not spotted any other signals on this timeframe.
https://www.tradingview.com/x/z9kUARqV/
We wish you good luck with your trading!