EURUSD: Multi Time Frame Analysis & Two Scenarios Explained

15 במאי 2020

morning guys,

EURUSD is consolidating on a strong daily structure and based on a current market sentiment we have two potential trading scenarios.

bullish:
I am still bullish biased and due to a nice convergence of a daily/1H support and a rising trendline I still believe that the price can bounce.
our trigger for long trade will be a double bottom formation on 1h,
the underlined minor horizontal resistance should be broken to the upside.
then buy entry on retest of the broken structure with initial target 1.084 / second target 1.0875

bearish:
however, a lot of news with fundamental statistics today, so the bearish scenario is highly possible as well.
daily candle close below the underlined structure will most likely signify a bearish continuation.
confirmed structure breakout will push the price to 1.069 - current daily lower close with a potential continuation to 1.064 - current low.


what do you think will happen?