Evening Traders
Today’s analysis – EURJPY- trading above Local S/R with a strong reaction from the .50 Fibonacci, further upside probable.
Points to consider,
- Price Action Impulsive
- Local S/R Support (.50 Fibonacci & 200 MA Confluence)
- Swing High Objective
- RSI Bullish Control Zone
- Volume Declining
EURJPY’s immediate price action is impulsive above Local S/R, this allows is to have a bullish bias on the market.
Local S/R is current support in confluence with the 200 MA and .50 Fibonacci, price action has successfully respected this level with a buy back.
The swing high is the immediate target, price action exceeding this level will likely continue trend.
Current RSI is trading in its respective bullish control zone; holding above this level shows strength in the immediate short term.
The current volume profile is declining, an influx is required to maintain trend continuation, and failure is bearish.
Overall, in my opinion, EURJPY is a valid long with defined risk; price action is to be used upon discretion/ management.
Hope this analysis helps!
Thank you for following my work
And remember,
“The expectation that you bring with you in trading is often the greatest obstacle you will encounter.” ― Yvan Byeajee,
Today’s analysis – EURJPY- trading above Local S/R with a strong reaction from the .50 Fibonacci, further upside probable.
Points to consider,
- Price Action Impulsive
- Local S/R Support (.50 Fibonacci & 200 MA Confluence)
- Swing High Objective
- RSI Bullish Control Zone
- Volume Declining
EURJPY’s immediate price action is impulsive above Local S/R, this allows is to have a bullish bias on the market.
Local S/R is current support in confluence with the 200 MA and .50 Fibonacci, price action has successfully respected this level with a buy back.
The swing high is the immediate target, price action exceeding this level will likely continue trend.
Current RSI is trading in its respective bullish control zone; holding above this level shows strength in the immediate short term.
The current volume profile is declining, an influx is required to maintain trend continuation, and failure is bearish.
Overall, in my opinion, EURJPY is a valid long with defined risk; price action is to be used upon discretion/ management.
Hope this analysis helps!
Thank you for following my work
And remember,
“The expectation that you bring with you in trading is often the greatest obstacle you will encounter.” ― Yvan Byeajee,
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Disclaimer
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Join the Free Trading Group
Telegram: t.me/freetradingden 🔥
Unlock Blofin Bonuses
Trade with perks & support the community!
blofin.com/invite/alchemisttrader 🎁
Stay sharp, trade smart.
— Team The Alchemist ⚔️
Telegram: t.me/freetradingden 🔥
Unlock Blofin Bonuses
Trade with perks & support the community!
blofin.com/invite/alchemisttrader 🎁
Stay sharp, trade smart.
— Team The Alchemist ⚔️
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.