Welcome ladies and gentlemen traders. Today, we will analyze and discuss the current situation on EUR/USD we talked about earlier published information in this article EUR/USD April FORECAST. Will see some screenshots. So it was so strong movement down on the almost all main currency pair. New-York session almost close and we can describe current status with technical analysis. After New-York Session all movements almost Dead. Right now in the Tokyo and Sydney Session we may miss. Needs look only from London session and we hope we can find some correct direction for us.
EUR/USD H1 Technical Analysis and Daily Outlook on April before Downtrend.
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| Alternative scenario. The currency pair was down to level 1.3020 and after that we think it go to level 1.3200 for second chance to broke resistance level 1.3200 This screenshot was before current situation on the FOREX. |
So, Down trend was began at April 17 at 10.00 am and First Down Fractal was created at 7.00 pm at the same day. MACD technical indicator displays minor levels with crossed zero point.
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| Current situation on EURUSD pair with Technical analysis |
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| Example of Current situation on EUR/USD on the April with wave theory by Elliot and levels Fibonacci |
After touching level 1.3200 (strong psychological level) price of currency pair was dropped to level 1.3020 or lower. In this zone our Levels of Fibonacci show correction after uptrend around 62-50% All main simple averages was crossed price of Euro to Dollar.
By Bollinger Band level of session distance of EURUSD currency pair is calculate as a 220 pips. It is was big movement on New York session and after that we We expect to continue the upward trend.
Our recommendation about future movement of EUR/USD Forex pair. If price will not be lower than level 1.2970 we can open order to BUY with profit factor 1.3400. But it will be open position after strong correction down. If price of currency pair will lower 50% from first way we can open order to Sell. Current situation on the FOREX right now more look a like expanding flat. Be careful during trading today. We recommended open position on the London Session after creation Fractal. This is like protection our future positions on the EUR-USD, because after creation this Fractal we can identify trend`s direction.
Last screenshots from Tokyo and Sydney Sessions:
Euro to US Dollar hourly time-frame:
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| Example of Current situation on Euro to Dollar on April with technical analysis |
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| Example of current situation and Daily Outlook on EUR/USD on the Tokyo and Sydney Sessions. |
If we calculate last correction from big down trend on H4 timeframe we can find corrections levels on the H4 timeframe it will be next levels:
1.3115
1.3230
1.3340
Euro to USD Daily time frame current situation:
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| Euro to Dollar current situation and Daily Forecast on Daily timeframe with technical analysis. By dotted line we marked probably future direction |
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