EURUSD TOP DOWN ANALYSIS FOR 13/NOV/2023
From the daily timeframe, you can see that eurusd is in an upward channel. I will expect to see the channel last for the next few weeks because there's a possibility that the price will touch a weekly resistance zone for a retracement up above. However, the price moves in trends and made a higher high two weeks ago. Throughout last week, the price has been on a retracement move downwards and I expect the retracement to continue even lower than last week's low before the next impulse for the higher high comes.
On the 4h timeframe, we have a temporary downward channel which we expect the price to respect all the way down to 1.06500 or even lower within this week before the next move upwards again.
On the 1h timeframe, that's where I look for trading levels and from what I can see, the price is trading between 1.07000 and 1.06500. Like I already said, I expect to see the price drop so before I will take any trade, I will expect to see the price rise to the most recent resistance which is the 0.07000 level which will meet with the descending trendline resistance and act as a confluence for a possible move downwards.
In a nutshell, I will expect to see the price rise to the 0.07000 level before I start looking for selling opportunities down to last week's lows and ultimately 0.06500.
Tune in by 6:30am WAT for a video analysis on the pair.
On the 4h timeframe, we have a temporary downward channel which we expect the price to respect all the way down to 1.06500 or even lower within this week before the next move upwards again.
On the 1h timeframe, that's where I look for trading levels and from what I can see, the price is trading between 1.07000 and 1.06500. Like I already said, I expect to see the price drop so before I will take any trade, I will expect to see the price rise to the most recent resistance which is the 0.07000 level which will meet with the descending trendline resistance and act as a confluence for a possible move downwards.
In a nutshell, I will expect to see the price rise to the 0.07000 level before I start looking for selling opportunities down to last week's lows and ultimately 0.06500.
Tune in by 6:30am WAT for a video analysis on the pair.
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