EURUSD overbought condition, bearish movement correction?

EURUSD overbought condition, bearish movement correction?

Queenie Wu                               9 July 2020 (14:00 HK)

EURUSD交易區：考慮支持和阻力：1.13699 – 1.12254 

策略：在關鍵支持和阻力之間波段交易。在較高的timeframe（D1）中看趨勢方向，並使用較低的timeframe（H4）入市。

“EURUSD pair reached 1.3675, RSI on 4H chart is above 70 and Stochastic over 80, pointing to overbought conditions. A downward correction is likely to happen.”

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看跌走勢:

H4圖表：

TMA通道的頂部回落 (1.13699)，強阻力位。

Supply zone在圖表中以紅色顯示。

第1枝4H, 第3枝1H圖陰燭已形成。

穿過通道頂再次進入TMA 及ENV通道!

隨機震盪指標Stochastic Oscillator達80以上。

Schaff Indicator已經觸及最高水平預備向下。Bearish reversal很可能發生。

(Technical indicators turned bearish.)

(The current Pivot level is at 1.13147.  Further correction will happen if this level is broken)

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預期方向：DOWN

入市點：賣出1.13488；

TP1: 1.13147  TP2: 1.12806  TP3: 1.12595 

SL: 1.142

Be careful: Notice there may be a change in direction from Asian to London to US session.  If this happens, we have to TP immediately.  Another issue to notice, the movement of EURUSD is correlated to the movement of US stock market.  We have to pay high attention to the direction of US stock market.

 

 H4: Bearish correction is happening





H1: 3 downward candles were formed