Evening Traders,
Today’s analysis – EURJPY- trading at a key trade location where a bearish retest is probable,
Points to consider,
- Price action impulsive
- Local S/R objective
- Local S/R Zone Resistance
(.50 Fibonacci Confluence)
- Oscillators neutral
EURJPY’s immediate price action is impulsive below Local S/R zone that has technical confluence with the e.50 Fibonacci, this allows for a bearish bias.
The Local S/R is objective, price action exceeding this level is likely to lead to further decline
The immediate oscillators are trading neutral, is reversion in price action will lead to acceleration.
Overall, in my opinion, EURJPY is a valid short with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps,
Thank you for following my work
And remember,
“The core problem, however, is the need to fit markets into a style of trading rather than finding ways to trade that fit with market behavior.” – Brett Steenbarger
Today’s analysis – EURJPY- trading at a key trade location where a bearish retest is probable,
Points to consider,
- Price action impulsive
- Local S/R objective
- Local S/R Zone Resistance
(.50 Fibonacci Confluence)
- Oscillators neutral
EURJPY’s immediate price action is impulsive below Local S/R zone that has technical confluence with the e.50 Fibonacci, this allows for a bearish bias.
The Local S/R is objective, price action exceeding this level is likely to lead to further decline
The immediate oscillators are trading neutral, is reversion in price action will lead to acceleration.
Overall, in my opinion, EURJPY is a valid short with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps,
Thank you for following my work
And remember,
“The core problem, however, is the need to fit markets into a style of trading rather than finding ways to trade that fit with market behavior.” – Brett Steenbarger