Hi Traders! EURUSD forecast follow up and update is here. On November 17th I shared this “EURUSD Buy Idea After Trend Line Breakout” post in Trading View. In this post, let’s do a recap of this setup and see how it has developed now. If you would like to learn more about the way we trade and the technical analysis we use then check out the Traders Academy Club. Spoiler alert – free memberships are available!
My Idea:
EURUSD H4(4 Hours) Chart Current Scenario
Based on the above-mentioned analysis my view was bullish here and I was expecting the price to move higher further until the strong support zone holds. The price action followed my analysis, it respected the support zone and then it moved higher further and has delivered 130+ pips move so far.
The market provided us with various facts supporting the bullish view here. On the M30 chart we had a bullish trend pattern followed by a pullback in the form of double wave down with bullish divergence between the two waves. The price then moved higher and broke above the most recent downtrend line and then it moved higher further and provided a nice move to the upside. The price then moved lower even though we had a strong bearish momentum the price was not able to break below the strong support zone, it respected this zone and bounced higher again and delivered another excellent move to the upside.
Currently, on the H4 chart, we have a potential bearish divergence in play based on the MACD indicator. This is something that we need to pay attention to. So if you are still involved in the buys then this is a good place to consider managing your trade and secure your profits (cash out or partial cash out or trailing protections or partial hedge, etc.. depending on the strategy that you work with).
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As traders we always have two choices, the first one is to fall in love with our analysis and try to convince the market and expect the price to move in the direction as per our wish. The second one is to follow the facts that the market provides us and make the right actions according to that. As you know the first option won’t help us and as you can see in the example above what happened when we followed the facts that the market hinted us and took the right action according to that.
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To your success,
Vladimir Ribakov
Certified Financial Technician
