Sunday, 2 August 2020

EURUSD: Candlesticks & Scenario For Next Week

By VasilyTrader


After 1 month long bullish rally on EURUSD , 

it looks like we finally see a strong reversal signal. 

On a daily, the price went rejected after an attempt to violate a key weekly resistance

and the previous daily bullish candle was eaten by a strong bearish engulfing candle. 

In conjunction with rsi divergence, it looks like the market is ready for a pullback. 

For now, the first goal is 1.1625. it's based on the 382 retracement of the last bullish leg. 

I guess the price will need at least one week to reach that goal. 

please note, that it is not a sell signal. 

I would suggest looking for a safe entry on a lower time frame. 

Trade Wise and Good Luck,

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