EURUSD Bull then Bear

6 thg 10, 2020EURUSD has been overbought as we all know. I do not foresee it creating any higher highs.

Indicators:
1. We currently still have a demand zone that has not yet been reached yet.
2. EUR govt has announced they want a weaker currency.
3. Monthly Outlook - Bearish with strong sell RSI.
4. Election in USA causes volatility and uncertainty. Once that is complete USD should adjust again.

My personal trades would only be sell directions with a pending at the supply zone and a pending at the backside of the down trend line.

Best of luck and let me know if there are any questions.

Charles V
CVFX Management
Trading made Simple

7 thg 10, 2020

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Backside of downtrend line has been hit, good buy entry for those looking to buy to the supply zone. Just make sure you have a short stop loss if the down trend line breaks. Otherwise my bias is still sell only at the prime spot, Supply Zone.

8 thg 10, 2020

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Watch for the 1.1800 area. This is acting as a resistance area and price may just range around this for a while.

13 thg 10, 2020

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Price has bounced off 1.1800 area, past resistance and fell sharply. Will update idea in Tokyo session tonight.