Forex EUR/USD Daily Video, October 20, 2023

[Sive Morten]

Good morning,

Despite recent J. Powell mess, EUR keeps bearish context. For now 1.0590 area seems possible to consider for another entry attempt or postpone the decision to the next week...

 

[ilesanmipepsi]

I don't know why I feel you are being biased in your EURUSD analysis, or maybe I may be wrong though. However, it seems you overlook the ABC pattern (LL - HH - HL pattern spot on the attached image) formed on the 4hrs chart which actually support the current upward move of the EURUSD pair and gives OP target of 1.06867 and XOP target of 1.08050. Although price needs to retake the COP level at 1.06136 to continue its upward move.

 

[Sive Morten]

I don't know why I feel you are being biased in your EURUSD analysis, or maybe I may be wrong though. However, it seems you overlook the ABC pattern (LL - HH - HL pattern spot on the attached image) formed on the 4hrs chart which actually support the current upward move of the EURUSD pair and gives OP target of 1.06867 and XOP target of 1.08050. Although price needs to retake the COP level at 1.06136 to continue its upward move.

Hi, maybe... we all humans, making mistakes. I just share with my vision of situation and explain the reasons. And welcome any alternative opinion. This is great when trader not just following somebody's view but has own vision.

No doubts I could be wrong either. Still, for now this setup is valid by far, price action looks heavy and choppy, showing no signs of thrusting action. This makes me keep bearish view. Anyway let's see what will happen next week.

 

[ilesanmipepsi]

Hi, maybe... we all humans, making mistakes. I just share with my vision of situation and explain the reasons. And welcome any alternative opinion. This is great when trader not just following somebody's view but has own vision.

No doubts I could be wrong either. Still, for now this setup is valid by far, price action looks heavy and choppy, showing no signs of thrusting action. This makes me keep bearish view. Anyway let's see what will happen next week.

Hi Boss,
It seems the ABC spotted on the 4hr chart is playing out given the current price action of EURUSD.
I'm still holding my long positions though.