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EUR/USD High momentum candles on 4h time frame


The Trump's victory on election reflected on the EUR/USD pair both during the elections and after London open. The pair spiked exactly as predicted in the latest EUR/USD analysis. As expected, the USD plummeted at the pinnacle of the vote count for the US Presidency, with the USD Index touching 95.83. We saw a movement of funds to safe haven currencies like the JPY and CHF, and surprisingly the EUR strengthened too. We saw the EURUSD hit 1.13 during those moments of the vote count, and yet we don't know the overall impact on global trade as a result of Trump's trade protectionism plans. We still need to wait and see if the funds leave the USD again.
At this time the pair made a railway pattern showing two momentum candles. According to high momentum (volatility) trading and analysis, traders could short the pair on a retrace towards POC1 and POC2. POC1 1.1100-1.1110 (L3, 38.2,trend line, bearish order block) is a shallow retracement but the EUR/USD could react there in short term bearish move. POC2 is a deeper retracement that's in conjuction with high momentum price action. 1.1175-85 (61.8, monthly trend line, H3) is better retracement overall and overall both rejections could target 1.1025. 1.1025 is important level as the drop below would target 1.0990 then 1.0930 and 1.0865.

Wednesday, 09 Nov, 2016 / 11:31

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Source : http://www.admiralmarkets.com/analytics/technical-analysis/

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