Looking at the daily chart, we can see that EUR/USD has been moving in the bearish direction lately. Closer inspection, reveals that there is a support line from which the price is bouncing off. Now the price is again heading towards this line, so we are expecting another bounce. If entering a long trade, we do recommend to set stops just below this line, as the price may form a smaller breakout before the bullish bounce that we are expecting.
On the four hour chart, we are anticipating the same move as we were just talking about. Here we see, that the price is just making a smaller correction after the motive bearish wave that it has just formed. Waiting for the end of this correction, then expecting a bearish move towards the support line, and the bullish bounce as we talked about on the daily timeframe.
Feel free to pick up a copy of our Free Weekly Market Outlook here:
mailchi.mp/bc78576d6...eweeklymarketoutlook
We wish you good luck with your trading!
On the four hour chart, we are anticipating the same move as we were just talking about. Here we see, that the price is just making a smaller correction after the motive bearish wave that it has just formed. Waiting for the end of this correction, then expecting a bearish move towards the support line, and the bullish bounce as we talked about on the daily timeframe.
Feel free to pick up a copy of our Free Weekly Market Outlook here:
mailchi.mp/bc78576d6...eweeklymarketoutlook
We wish you good luck with your trading!