EURUSD DIRECTION ANALYSIS
EURUSD is still on an UPTREND position in the Daily, 4H, Weekly Timeframes.
WEEKLY = IMPULSE LEG
DAILY = IMPULSE LEG
4H = PULLBACK LEG
Price now playing at the 4H PULLBACK making the 15min a downtrend for SHORT opportunities to take but take note as always the higher timeframe is still biased as UPTREND so taking a pullback is okay just as long as you know the risks to take and STRUCTURE to wait.
As for this Analysis, at the start of the Week, May 1, 2023 EURUSD on 15min still going to go SHORT as long as it cant break the previous 5min structure to the upside at price level 1.10450, taking a short is fine down to minimum 1.09617.
4 scenarios to watch out.
scenario 1 - we can take a LONG between price level (1.09617 and 1.09090) as long as we see a structure break to the upside (5min structure) this will be the probable start of the impulse leg of the 15min to create a new high above price level ( 1.10950 ).
scenario 2 - we can wait for the 15min structure break between ( 1.09617 and 1.09090) and take a Long on 5min structure break to the upside same target minimum at price level ( 1.10950 ).
scenario 3 - worst case for this is if the market is making the 4H PULLBACK leg into an 4H IMPULSE leg to start a Daily PULLBACK, in which those scenarios above is already voided, breakage of price level (1.09090) is the signal for the worst case and another range will be open LONGS to take shall be a PULLBACK and SHORT will be the lower timeframe Direction.
scenario 4- the same goes if the price make an IMPULSE LEG out of this current 15min downtrend to break the 4H upper level at 1.10950 making this the 4H IMPULSE LEG . without making a 15min structure break between 1.09617 and 1.09090.
We can lower the risks of trades to take if we WAIT for the proper price movement in the direction we want and to REACT to the price movement if things go south as planned.
current price holds between price level 1.10450 and 1.09617
WEEKLY = IMPULSE LEG
DAILY = IMPULSE LEG
4H = PULLBACK LEG
Price now playing at the 4H PULLBACK making the 15min a downtrend for SHORT opportunities to take but take note as always the higher timeframe is still biased as UPTREND so taking a pullback is okay just as long as you know the risks to take and STRUCTURE to wait.
As for this Analysis, at the start of the Week, May 1, 2023 EURUSD on 15min still going to go SHORT as long as it cant break the previous 5min structure to the upside at price level 1.10450, taking a short is fine down to minimum 1.09617.
4 scenarios to watch out.
scenario 1 - we can take a LONG between price level (1.09617 and 1.09090) as long as we see a structure break to the upside (5min structure) this will be the probable start of the impulse leg of the 15min to create a new high above price level ( 1.10950 ).
scenario 2 - we can wait for the 15min structure break between ( 1.09617 and 1.09090) and take a Long on 5min structure break to the upside same target minimum at price level ( 1.10950 ).
scenario 3 - worst case for this is if the market is making the 4H PULLBACK leg into an 4H IMPULSE leg to start a Daily PULLBACK, in which those scenarios above is already voided, breakage of price level (1.09090) is the signal for the worst case and another range will be open LONGS to take shall be a PULLBACK and SHORT will be the lower timeframe Direction.
scenario 4- the same goes if the price make an IMPULSE LEG out of this current 15min downtrend to break the 4H upper level at 1.10950 making this the 4H IMPULSE LEG . without making a 15min structure break between 1.09617 and 1.09090.
We can lower the risks of trades to take if we WAIT for the proper price movement in the direction we want and to REACT to the price movement if things go south as planned.
current price holds between price level 1.10450 and 1.09617
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