Here are my areas of interest for EURUSD going into the new trading week. Personally, I probably won’t be trading as the markets will be crazy pre election, and during the entirety of the week, but I am just posting my thoughts here.
It seems like the 1.16229 - 1.16151 area is the last area where EURUSD could potentially gain, but I believe that this move up will be short lived, and will retrace to one of the bearish order block areas (1.17587 - 1.17441) and (1.18389 - 1.18198), before declining south.
If you look on the daily/weekly, there is a lot of room for EU to fall, so my overall bias on this pair is bearish.
Of course, this could change, and this analysis could go out of the window should Trump win against the polls (highly likely). If you look back to when he won against the polls vs Clinton in the last election, USD pairs swung up and down hundreds of pips.
Trade with caution this week guys, it’s a potential account blower, spreads will be crazy and volatility will be high.
Thanks for the analysis, I agree, markets may be very unpredictable with all the fundamental events coming. Think I’ll be sitting on the side line too for now.
On the 1st of November, I post my areas of interest for EURUSD.
Although I wasn’t trading this week, you can see how it played out perfectly. Going into Monday open, the Bullish Order Block was tapped, and it started it’s move up prior to the US election.
On the smaller time frame, you can see that we failed to make lows, we broke structure on the 15m time frame, twice and then re-tested our POI. Our entry could have been refined on the 5m time frame to 2.7 pips. If I was in this trade, I would have closed at around London close, as it was just before the polls started coming in - but turns out we could have held to TP (4H Bearish Order Block), and if you awaited price action in this area, you could have sold all the way back down.
This is simply the power of supply & demand, price action, market structure and order blocks.
Overall this trade could have bagged you 40.52 RR.
Yes, this asset can definitely be called good, because there is rarely any lull here, and it means that it can be included in the work on technical analysis and fundamental.
EUR/USD is trading below 1.1650, the lowest since September, as coronavirus cases continue rising in Europe and lockdowns are weighing on the outlook. Uncertainty about the elections is boosting the safe-haven dollar
