EURUSD ANAYLYSIS 16/11/2023
I'm sorry I'm unable to make a video today. I'm currently down with ear pain, catarrh, cough and sore throat, and they're killing my voice.
For today, I'm not expecting much. The price appears to be rejecting the weekly 50% fib level I have been talking about. This means there's a possibility for a move downwards today too.
On the 4h timeframe, the price looks like it's respecting the ascending channel I added to the chart in yesterday's video. This is in alignment with the weekly fib level rejection. It also supports a move lower.
From the 1h timeframe, We can see that the price is already creating lower lows and lower highs which signifies a down trend. This simply means all the relevant timeframes are in alignment for a move downwards, so I'll be looking for shorting opportunities on this pair today. However, we already know that it's not wise to just take a trade from anywhere so the big question is what level will I be looking out for. I will be looking out for the 1.08500 level. That is the nearest psychological level to the price and it is currently trading below that level.
What I will be doing now is just to wait for the price to get to the 1.08500 level. When it gets there, I will expect to see the price show me an entry reason to this pair. If the price does that, I'll take a short trade. But if the price just breaks higher and keeps moving, then there's no trading opportunity. Always apply proper risk management when trading.
For today, I'm not expecting much. The price appears to be rejecting the weekly 50% fib level I have been talking about. This means there's a possibility for a move downwards today too.
On the 4h timeframe, the price looks like it's respecting the ascending channel I added to the chart in yesterday's video. This is in alignment with the weekly fib level rejection. It also supports a move lower.
From the 1h timeframe, We can see that the price is already creating lower lows and lower highs which signifies a down trend. This simply means all the relevant timeframes are in alignment for a move downwards, so I'll be looking for shorting opportunities on this pair today. However, we already know that it's not wise to just take a trade from anywhere so the big question is what level will I be looking out for. I will be looking out for the 1.08500 level. That is the nearest psychological level to the price and it is currently trading below that level.
What I will be doing now is just to wait for the price to get to the 1.08500 level. When it gets there, I will expect to see the price show me an entry reason to this pair. If the price does that, I'll take a short trade. But if the price just breaks higher and keeps moving, then there's no trading opportunity. Always apply proper risk management when trading.
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