EURUSD (H4 and Daily) currency trend analysis

EURUSD (H4 and Daily) currency trend analysis       Date: 2 Dec 2019 

Queenie Wu

Trading zone: We can use pivots points to recognize key levels. Consider Support and resistance: 1.105 – 1.096  See diagram for the KEY levels shown by the pivot indicators

Strategy: Wave trading between the key pivot points.  Follow the trend direction in the higher timeframe (D) and use the lower timeframe (H4) to enter.

Daily Chart: We have double bottom formation at 1.09989

4H Chart: Bullish Engulfing just formed.  We were close to the bottom of the channel near the Support 2 level 1.09802

Trend direction: use Identify Trend indicator: UP in both D and H4 charts

Check reversal point in H 4 diagram: at around 1.09922

Expected direction: UP

Entry point: H4: at around 1.10163 when the Bullish Engulfing candle is formed.

Exit point: H4: We can use the Resistance level 2 and Resistance 3 to exit at TP1 and TP2.  TP1: 1.10383   TP2: 1.10562

Stop Loss (SL): 1.09794 lowest point of previous candle at the bottom of the Channel

 

EURUSD H4

 EURUSD 1 D

Result: EURUSD goes UP passing through the channel!!