#Eurusd $eurusd #Trading

Price Action has been slow, so I have been tidying up the charts again. The general goal is to keep simplifying the content, whilst automating as much of the studies, so all I have to do is read the analysis already there. I am attempting to steer away from the personal counting of Elliott Waves, Hurst Cycles, Fibonacci ratios etc, on the basis, that the market incorporates all of these buffers into the PA anyways. As long as I know, that that is the case, I should be able to avoid the analysis myself and follow the waves rather than determine their reasoning.

4hr chart

The 4hr wave is just about hanging in there with a blue bullish spine, with the weekly bullish wave sitting underneath. The momentum study suggests that is it possible for price to get above that 4hr spine, but unless it does so, the daily and 4hr waves will both be bearish (the 4hr will turn red soon enough). Price also fell out of the channel as seen, but will reincorporate today's low, if price can get above the spine. What is interesting is the market's ability to keep the possibility of a resurrection on the table, whilst appearing bearish at the same time, but not quite doing enough to provide the answer. Whilst the weekly spine is below price and blue, I am keeping the bullish option alive - but it is getting weary!

 




1hr Chart

The hourly wave should turn up if the recent price action below can keep going. 1.3650 is the likely decision point and could get quite spikey if price shunts above the 4hr and does not reject as bearishly as anticipated by most at the daily spine nearer 1.3710.

Range Bar study

For now, price is moving uphill, is above the daily pivot and the daily opening price.