EURUSD Intraday Analysis and Trading Plan For February 16, 2024
Rafael Ken Aguilar
EURUSD·
Feb 16 2024
Stop Loss -0.24%
Holding time 5hr
1.07536
Entry price
1.07794
Stop loss price
1
Happy Friday again.
My second Finlogix analysis today goes to the EURUSD.
I scored another loss during last trade analysis:
https://www.finlogix.com/analysis/20240214/eurusd-intraday-analysis-and-trading-plan-for-february-14-2024
A total of 8 losses and a win. I admit that EURUSD is my worst performing instrument. However, I like to continue tracking it for the sake of exercising my market insights’ skills.
Where the Euro against the Greenback now?
First, let’s re-assess the high timeframe candles:
Yearly Candle: Still a Red Candle with Short Tail Wick
Monthly Candle: Last check was an Inverted Red Hammer current is a Red Spinning Top
Weekly Candle: Last check was a Red Body current is a Red Long Lower Shadow
Daily Candle: Previous close is a Big Green Body current is a Red Shaven Bottom
The yearly remains bearish with fluctuating monthly and weekly candles suggesting choppy price actions where buyers buy support levels while the sellers sell the resistance levels.
I can see a developing bearish engulfing pattern for yesterday and today’s daily candles.
The bearish 4H FVG got completely retraced with price trading back above it. If I assume the bearish engulfing continues to end the week, the EURUSD is likely to trade choppy again.
After a fresh weekly/monthly swing lows on February 14, EURUSD buyers able to utilised the December 2023 external swing lows as support again althought the November 2023 pre-breakout consolidation area remains a viable threat by the bears.
For my trade plan this Friday, with the DXY found support 104.40 levels, I am going to short the EURUSD again once the bearish engulifing candles continue to manifest. Entering through the breaking down of 1.0750 and targeting a 100% retracement of the 4H FVG.
I set the stop loss just few pips above intraday’s high in case the bearish engulfing got nullified for a 1.15 risk:reward score only. I need this to be a winner.
For now, I need to see the outcome of this bearish engulfing candles along with the price got trade back above the previous bearish 4H FVG again.
Let’s see how this trade plan ends.
Trading involves risk.
Good luck and have a safe trading always.