If you would trade EU, or any other pair for that matter, for consistently good trading results, you would do well by taking a top down approach. This is how I trade as a short-term swing trader but overall it will keep you from making a lot of trade losses. As I trade on the 4-hourly time frame (TF), my top down analysis begins with the weekly TF through the daily and then the 4-hourly. I will use this thread to discuss my top down analysis on EURUSD and other pairs on my watch list, attaching the relevant charts on at least a twice-weekly basis because I am a part-time trader. Any member who has a similar approach is welcome to contribute. I trade turning points (e.g. Pivots, S/R zones and Fib levels) with three EMAs (10, 20 and 50) and RSI.
Here below are the current EU charts: weekly, 4H and daily. In summary, with the rejection candle formed on last week’s weekly TF, as a short-term swing trader the sentiment will be to be bearish; considering trade entry after a retest of the immediate resistance zones (particularly daily S/R, weekly pivot and monthly pivot).