Hi, everyone, I am a newbie here. I am really interested in trading, and EUR/USD is the first currency pairs I learnt for my Forex Trading. I am happy to share my understanding of the market and the analysis of EUR/USD daily here. If you are happy, please give me some advice haha.
Fact 1: The German Ifo Business Climate Supports the EUR
F2: All the Euro pairs are upward
F1: l3 is the 3rd BP of the PRR1
F2: A two consecutive PRRs formed, an upward trend confirmed
F3: l3h3 is diverged comparing with l2h2
F4: h3l4 overlapped h2l3, consolidation, waiting to have a clear direction
F5: Big Picture in trading Level: Upward-> (Now) might be consolidation(determining) -> upward or Downward
F6: MACD could also provide evidence that, if the bounce back force is weaker and failed to reach a new height, then downward trend would be more confirmed.
Possibility1: once confirmed the end of l4h5, then can 100% profit: reach or bolow l4.
– if it is below l4, then h5l6 is a 2nd SP, the 3rd PRR formed, then we can wait for the 3rd SP
– if it closed above l4, and even above h3, and has a retracement closed above the 2nd PRR, then we can wait for the 3rd BP.
P2: l4’ position is updated to a new low, and the retracement closed below the just formed 3rd PRR, it would be the strongest bearish, since it is the 2nd SP of 3rd PRR, mix with the 3rd SP of 2nd PRR
There might be some terms and concepts you are not familiar with, but I will explain it later. Have a good day.